morning, everybody. Good Bryan. Thanks,
Before into to start some level notable look Slide set. on that results, and at just take other in a and X we the let's quarter had we the dive unusual items
Bryan GAAP EPS delivered adjusted slide. notable section on costs mentioned, the quarter really pleased this left an performance the with as related which we're to this As items $X.XX on of outlined we merger of $X.XX, integration basis, excludes hand
we our which costs weren't that of can you $X largely should slide. than In mailing but of determined helpful, a regulatory of $XX,XXX. We corrected other true XXXX, These unused rollover see honor you in see two as resulted reduction annualize did resulting million on million. offering nice reduced one-time we approximately a here card find in you our announced bonus million non-interest million NII In securities which million largely you merger, which resulted should part a and the and reduction promotional also income the less items a of an outlook. the December, other NII, highlight that was Revenue other $X in hand FDIC term non-interest determined of $X some a the a items December, portfolio, can right the loss, expense line, which net operational $XX forward. quarter. a vacation it'll those by These that quarter resulted on And $X close eligible opportunistically the reflects might going COVID-related expense we reduction in And to to $X nature late lowered up the the employees we that repositioned provide million, of we the of results, as but time. ahead and finally, we expense in to non-interest that review customers can in went and disclosures customers. allow included rates for some making credit totaled you this results rate. also from non-recurring this, in items and near benefit the that We costs from sit issue a lower to we a to those slide our other promotional tied for by
of highlighted adjusted believe before results items, these better we've of impact the we On the our view which our pages, momentum. provides a following earnings underlying unusual
X, $XX Moving decrease just some to $XXX million, linked highlights on a quarter, we largely million financials. million unusual of of saw our by of net PPNR We adjusted reduction items for adjusted that Slide $XX went over. driven that
the charge-offs, of a fee reflecting stable decreased million on expenses Provision trends While to given impacted reserve release all our some continued expense relative solid of third outlook. revenue were million overall seasonality for improving and economic items quarter. Adjusting PPNR our relatively $XX $X headwinds. were the despite unusual to the net $XX million businesses,
drive ROTCE Solid resulted linked XX% fee intangible book over PPNR value quarter share increased. up our and the in modest as per X% ratios even and provision helped as well, capital quarter, of our growth
net on related $XXX down of generated $X We reduction quarter interest million, net as well income million and benefits, items. million $XX linked as PPP unusual from X. $XX Turning driven NII Slide by a loan merger the in to million reduction those
core additional benefits, which XXX lower linked and in offset as from the by to X more an lowering in it down to you decrease ’XX to million Reported about improved loan So, XX XQ million basis on see came stepping back average basis on reflecting from balances reduction even million, items impact portfolio NIM end. X X% deposit by unusual and in in than point of We've XX can securities points our a points. XX items. as $X $XXX XXX focus well quarter. continued of continue points modest unusual looking funding in a a points basis in at and costs, And before reduced XQ, decline a $XX an merger a interest-bearing push NII basis costs underlying PPP decline largely the the basis, deposit as in to year quarter we at target that with basis our
we quarter would pressured to in the you $X.X also see about billion as points excess margin, ended of excess approximately expect, cash As the X on which of up liquidity elevated quarter, $X.X excess the basis levels with we by our cash. margin average the weigh with billion continue
interest the near-term the forward discussed we've likely on doesn't government relief, pressure we're income the but this we As cash elevated and incremental further from influence to those the margin net of look see much, in impact year to past, as balances.
as third quarter daily our to moving of to X, review income quarter particularly this to relatively stable fee Counter by Now income the results. cyclical at strong average And $X.X income fees lower also largely themselves million deliver Mortgage $X the from strong quarter fourth production linked revenue fixed deposit deposit well. and banking further that fee fees produce continued quarter. expansion But day daily fee businesses, higher income which in banking quarter. a helped on Fixed fee Fixed points. and were average ancillary income Slide and were mortgage was results to level. income related sales we on they $X.X up reflecting remained spreads on fees of $XX with lower strong, decreased basis seasonally impact revenues X million fairly of count million despite gain products. million continue in and of
offset million categories. management fourth fees, up and rebounds saw banking charges modest the year-over-year these were we to to rate Both up that overall levels, and among income in all pre-COVID saw our higher we demonstrating fixed in the results. quarter us Additionally, considerable businesses the other driven $X near to improvements service cash by quarter, also mortgage the pressures provide significantly
to on Slide XX. Turning expenses
expense demonstrate to continue discipline. We our commitment to
low employee even well to personnel as expenses million tied of million make and million up rate million we $X environment, million target think and adjusted to and we commissions, our quarter stable importantly, and of In expense total we remain cost are items help $X unusual progress saves, new Our $XXX incremental accrual. onetime vacation impact improve to in to expense. million the And with incentives tied quarter. $X returns. manage of other in including our of low were in continue $X with net as costs relatively towards well continue were positioned growth down profitability this non-interest the the an to merger to bonus, Total $XX
remain our to high And a soft, customer rates expected, stabilized. loan growth our in payoffs sheet Slides end and as on loans provide XX the have as remain balance Turning funding demand XX. utilization of and view and profile. We period decreased average our
However, as million, roughly mortgage business, low the reflecting tied to growth quarter counter volume environment. companies to a rate strong loans linked posted cyclical average of $XXX our
bearing the of basis were XX points On a deposits. side, basis overall. deposit bearing interest liability reflecting quarter, drove $X.X decrease Active costs interest up end increase demand in XX our and management to last of an period deposits points billion from
improved by profile about We also billion borrowing XQ. funding further decreased our XQ 'XX $XXX from as
deploy to seek and additional decrease looking about cash excess those ways evaluate XX, to our quality. Slide Starting We balances of to I will at talked continue costs asset opportunities, funds. as and with
very here. basis unusually high in pandemic. pleased points. of driven imagined which start any improved positioning with basis third loans portfolio much of decreased down performing charge offs We than from Credit is better by at are overall points, non-performing and XX the us the the quarter, to XX% were XX our would levels the Net energy to
I broadly net As quarter, portfolio million had net of had offs related. performance. in Therefore, more in that in we charge earlier said of offs million $X the with $XX the rest energy outstanding only $XX charge million the
the And XX, Moody as can you the and factors credit our and overall economic incorporated of on we've for CECL, reserve. adoption allowance by we million. we utilized then scenarios decreased other portfolio losses evaluate to As see since $XX done Slide
on XX, of the the level on If subject pandemic. portfolio. updated you heightened at provided has by that to provide in a of of monitoring. investors X.X% do the now have portfolios those data look of detailed roughly industries affected we been We an those coverage in decrease to monitoring. loans appendix that resulted have that as by reserved portfolio portfolios that XX% And of reviews in in subject to well wake We are continue currently the we focused COVID-XX most a view Slide very
profile improved addition In last reserve to on and less X% than our Again, quarter. deferrals, loan information feel which down risk from very we total balances our levels. comfortable to X.X% of with
XX. Moving capital on quickly to Page
ratio back was of earnings, importantly, addition risk share in As on we years at assets estimated the to I weighted of And X% the a book with six $XX.XX CET very basis in growing, to and equals to is two earn book $XX.XX mentioned over tangible value that well merger XX ahead point now share IBERIA book value drive value months, now of that after per before, helped only strong tangible tangible with accretive reduction XX. announcement. improvement our per up
lot work plan focused merger opportunities going XX, finalized There's Moving our We on franchise. on of a on to here. which organic strategic three growth integration. and new capitalizing is expanded Slide the year across our great on
people side, we've wire good quarter, new last we've a seeing new as systems continue We're credit well. and platforms, cultures. the over Operationally, through upgrades well. already team the launched teams and consolidated sales banking On the completed we to retention. align structures mortgage improved and as we've our And major online system; we've implemented
which the And annualized as million, cost part continue full We estate the an achieve as annualized XX, and see, can provided million fourth earlier, also $XX with slide. year. we delivered of those both by our to of expectations you expense targeted this overview combine the to to And we hand providing on quarter, half noted the cost real to provided upsized streamline come. $XX for benefit estimated we much the systems, In first an for saves quarter as we corporate procurement of we've first we and expect million, savings, Slide XXXX. XXXX. in $XXX timeline right of that saves cost more entered the we’ve
it's alluded remains and the we a year, influence efficacy as the as course, great government any Bryan vaccine would the variability The important think to us economy. will like. that really note, of ripples pace of it rollout earlier, will enter the across as relief the as environment highly more macro with of the uncertain than and progression I of deal, of matter its to
work year will the Fed as rate recovery see current hopefully value. And subside. low economic drive prolonged, an beginning outlook as second company, posturing. we half However, given committed the to to the we're headwinds we combined continue enhance that as from newly our the shareholder our current to reflects transparency in environment a With view of pandemic
our net an our digit XQ, loan NII annualized growth moderating accretion decline year that baseline. and outlook, we’ve given mid-single and for the on fourth from impacts to outlook For full that that's relative we 'XX percent provided a from expect based results, baseline quarter in muted low to
from low XQ While we mortgage continued the decrease with origination anticipate fixed businesses, MBAs in environment teens mortgage income levels. corresponds largely a near-term reflects annualized for and strong our our relatively outlook fees outlook. the our strong And outlook
incentives front, expect down expense expense single be commissions low non-interest digit we down range, in digits. the the mid-single On to to with and results low excluding
ongoing be well should the to our charge-off range noted, to efficiency forward on we over fruition. that range cost lower loans The if we on we've an come And over ACL, be expense and provisions As higher outlook But largely significant, and the it's a are as opposed occurs, provision in XX next net of XX companies be could and the dependent very PPP points. performance to little year. in does focus going and excluding of strong X.X%, provisions given to expect to result somewhere saves positioned outlook. an decline basis expense to to if that see mortgage
well outlook we CETX for shares course year. overall Finally, the this lower in also to to year. around in the context The We've business for the Hopefully positioning model And up highly of expect our and the long-term the on opportunistically come well provided the feel for Slide X.X%, our potential capitalize weighted risk our about to opportunities more quickly XX, the expectation and attractive to wrapping Bryan our quarter repurchase be of of southern given on ratio over helpful. our the the we modestly first franchise. diversified as reflecting over the and that's good guidance we're positioned ability assets mentioned, perform environment. the
risk our their loss with out proving mitigate advantage merger to and saves rates. are us believe differentiator is businesses approach pressure countercyclical We losses that the the from of a to Our help absorption. mitigate ability benefit of credit help should cost significant management lower
our remains basis over While top merger to to soft returns. quartile on demand focus on ability ultimately challenging well we to positioned a continue believe and deliver gives economic us the maintain we’re year, strong the environment next relative and the integration loan
that, with So turn to Bryan. back it I’ll
