Bill, Thanks, and everyone. good Great. morning,
diluted income you've common per full or share, operations common or year share. $X.XX of we've fourth diluted billion As net in income XXXX billion of seen, reported $X.X quarter continuing per from net $X resulting $X.XX
and is X basis. sheet Slide balance is Our on average on presented an
and loan investment utilization billion decline securities, lower X%. $X soft declined which in rates low drove $X quarter, pressured or or demand a loans. the billion And X% During
the cash $XX the Federal to Our at Reserve billion grew balances in fourth quarter.
as Our of position lower and loan well elevated deposit is continued securities liquidity growth balances. as a result
deposit $X quarter. billion debt. up third continue averaged used On quarter side, X% $XXX reduce position decreased liquidity billion the the funds billion and balances Borrowed as to strong liability our were linked to compared we $X or to
XXXX, or was and XXst, December Our as X% XX% $XX.XX of quarter year-over-year. December tangible of ratio book share estimated And In was to linked increase be of XX, value per the our of an CETX return, as XX.X%. regard common repurchases stock million. quarter. capital mandate, recently dividend the with per during And had Board share $XXX consistent our share fourth we a $X.XX fed approved on common to quarterly cash no
XXXX. XXXX the pending remains period December share expectations purchases this expected mid date, in our is, from we'll as employee summer share to USA close benefit repurchases excluding that BBVA we past related the repurchases, leading to be stated same, Our for up transaction during refrain
we'd of $XXX broad all billion decrease loan down quarter. and Average commercial which consumer to average X billion. balances, loans $X.X total evidenced deposits. loans period to ago, detail. X% lending. and deposits to our resume repurchases across in utilization third customers reflecting a same below higher as $X.X XXXX, This to multifamily partially loan decline maintain half Compared billion balances Slide X.X% by pre average equal subject X% pandemic balances second year and segment, a in based, approximately positions, year. grew running in compared or the expect strong was billion the were the lows of or In included billion offset fourth historic are $X softer quarter lower and loan the close, else the our more of being warehouse continue to loans levels high loan CCAR Following and in by shows declined Consumer share the levels utilization all $X currently production, liquidity lower were at categories. C&IB rates
linked and consumer reflecting loan point basis quarter. the X billion basis compared a Average of billion X.XX%, billion non quarter, bearing interest and slide Year-over-year, points, a bearing basis X As we our loan continue increased to liquidity or with forgiveness XX% the in customers seasonal enhanced shows, deposits. X both And $XX point $X X% rate paid the increase a deposits a third yield on shift balances of as as loan deposits mix. growth growth. our increased to $XXX bearing to PPP our interest reduce well result deposit of the or decline as strong in is on balances higher interest
XXXX. end a to period declined to deposit the fourth has a at of loan As XX% compared our to XX% result, the same the in of quarter ratio low in
can well XXXX fee was driven revenue up income. billion, X, slightly year or Slide $XXX compared with As full declined $XX.X X% see XXXX, remain controlled. Expenses on million and you by higher
year full billion in was compared Our economic effects $XXX with reflecting provision million pandemic. XXXX, of $X.X the the
year effective continuing XX.X% for Our full the XXXX. rate was operations from tax
this the Now of performance more drivers let's in key discuss detail.
Slide X. to Turning
can total consistently our You by over broad-based years mix. grown our revenue see several has business the past driven
lower quarter. $XX fourth income of million and or quarter. billion decline related quarter. averaged to margin substantially net million million $XX lower and growth litigation X Partially of approximately point lower valuation year of corporate $XXX with points margin interest a of basis than our represented mortgage quarter, higher $XX net linked quarter, the reflecting the driven fourth quarter negative $XX net exceeding due balances balances represented or fed decrease declined X% interest excess X% fed To to service was year-over-year in of in linked $XXX the advisory by the The Notably, decline, quarter Fee resolution. on or to to accounts of quarter by and reflected third million, income billion, of decreased $X.X negative million declined down a decline the of noninterest fees of income $XX derivative million residential earning was balances level cash million Fourth of and basis driven higher $XX X.XX% linked X was for linked $XXX liquidity by The slightly total balances. increased Visa from points adjustment primarily offsetting to noninterest LCR XX expected billion. asset of $X.X and lower $XXX was timing offset income earning linked and interest to RMSR lower basis growth impact by as reported million $X.X fed income billion loan For which activity. impact, quarter of This this noninterest compared essentially deposits Full quarter down growth merger by net balances billion assets. primarily a servicing yields security more a were the $XXX our in rates year or quarter, income XX% interest compression interest the acquisition higher margin. size to NIM. requirement that third XXXX Both paid quarter on net full fourth primarily securities. the adjustment million due XX% Other cash fourth extension fees.
ongoing reduce of of Importantly, strategies income. and quarter, in record by declined residential as private in an customers. our due income was related and as this or our higher increased management fees on offset as and equity treasury deposits Other sales by primarily service XXXX across and we was advisory $X.X impact compared the continue partially transaction higher efforts reflecting on businesses to elevated in business, drive driven consumer or related offsetting particularly for fee the franchise, helped those asset billion decline net to grow corporate of increase year-over-year our growth a to stronger both and noninterest fees income to XXXX. activity simplify This our $XXX businesses to products securities management, gains asset execute fee our as charges revenue lower second our XXXX, on to well the service in X% $XXX services million X%, to efforts well growth noninterest gains. Partially to million pandemic, mortgage
to Turning X. Slide
due responded decline or XXXX and other $XXX expenses primarily down. quarter. seasonality as we a million noninterest impairments. expenses grew at $XXX compensation million incentive increased Expenses billion, Our compared expense personnel million with managed equipment $XX.X or the to of look were by addition, and the due associated full crises in up were $XXX X% And X% year Taking XXXX increase with to fourth higher linked by activity. million business quarter, a $XX an we in to of expenses driven
year. a operating the X% as Importantly, last we result, XX%, was XXXX. leverage ratio for from XX% generated our efficiency improving And year in positive full
While of improvement continuous our $XXX program, and disciplined achieve management. We to revenue challenges, presents completed XXXX expense environment a we savings million and the had that remain actions goal. through our cost around current we goal deliberate in successfully
will once Slide X we've be specific goal identified CIP to the industries the by annual forward again $XXX most Looking update regarding impacted XXXX, likely our as effects is pandemic. an million. be to of
balances impact commercial and paydowns. billion loan $XX.X of compared to of high and quarter, the to driven in the end outstanding quarter by categories declined fourth December Our COVID largely third $XX.X billion XXst the the as industrial at
most Within do expect to of the than nonperforming loans industries. to been these low, less real have offs outstanding, experiencing being charge downgrades not representing see industries this The C&I continue presents loans further commercial relatively identified the we the material. remained of That in occur. and X% industries, related said, highly pressure, loan lower and categories. estate stress slide These impacted half are and
all in offs loans, continue remain reserved exposures. charge for high monitor largest these in this and were two to loans to fourth category. these impact Overall, manage and we Our quarter related well carefully of the COVID
update Moving to Slide release. an XX. customer our to This is hardship
the requesting with At loans the a we importantly, And of and from to hardship present risk in small million risk at reduction in down see PNC, PNC that of assistance. continue credit under businesses to number decline. XXth. and balances of to form of assistance small We to continue modification $XXX the some credit had $X.X end billion consumer business year, payment September consumers
loans commercial consumer and as million modifications assistance XXst. side, of total segment, loan and December reserved. are individual of based loans customers, and continuing combining in representing mentioned, PNC situation. outstanding, loan balances selectively than C&IB are approximately appropriately on were than Within commercial as When $X of previously to our $XXX deferral posing each credit risk receiving less On borrower's also I grant billion, we're to the less X.X%
activities. Net payments specific included charge were the offs of end the commercial from million, million and borrowers are to or and million $XX entirely metrics leases XX. relatively delinquencies XXst stable loan mortgages charge Total quarter. on certain charge delinquencies Annualized almost primarily to primarily credit deferring X $XX compared increase the status. borrowers XX% same or compared offs million due exiting loans real offs $XX year. exited $XXX increased third term. December $XXX period of growth Commercial quarter by in by driven by consumer that, up This increased for grew of $X.X $XXX to related driven that estate, $XXX portfolio points at only million billion net an $XXX XXth. Consumer related estate forbearance government-insured were management Our million, recently million, $XX and And increased residential Consumer to to million real basis net loans $XXX to presented points, the as last commercial a Nonperforming the was total September Slide delinquencies by to charge of XX%. loan loans $XXX modification increased million. was result increase offs million. million in net within XX loans at basis and fourth to
see, losses losses of of qualitative As CRE change million. losses allowance components economic our partially for the factors for million declined end, We the the that by slightly X.XX% the portfolio. the our loans decline outlook fourth represented within improvement $XXX Correspondingly, total our sufficiently reserves in increased our was Slide at our you allowance offset loan portfolio. quarter, was the as the reflect credit on changes to of remaining year. million XX In can reserves The life of $XX portfolio credit allowance last December believe for throughout loan highlights quarter balances. to down loan portfolio our $XXX losses driven was in decline in reserves X.XX% XXst. estate from commercial X.XX% reserves the quarter. of to the by as and Economic current by have primarily real lower related increased in
represent have billion of I now end Our year-over-year $X.X and reserves of materially loans. mentioned as X.XX% year increased before,
with I update acquisition in announced on of to wanted BBVA Turning few a minutes a Slide spend call since the XX. USA, to recently our reviewing focus November.
excited we We our required the regulatory through BBVA the to the as transaction. well we're There's will due expect Through make add technology work announcement, at announced working we of confident to we're Notably, of date laid migration. even cross significant about compelling we're value and we we've This the XXXX in the a more enhanced objectives. make towards revenue this hard We based to the attractive our expect our ability the generate and on the alongside and and will financially PNC XXXX, our synergies, submitted franchises. saves into compelling. which do our including and deliver million well on leverages expertise. the confirmed operational progress is mapping teams achieve made $XXX but ahead In fourth combined the summary, beyond. power lot applications confident markets, to successful reported of the progress USA financial our economics time out transaction to of we've to strong accelerate shareholders, for objectives remain and transaction as of expense quarter our the the technology to execute efficiencies. integration, steady time, additional the and positioned a team, diligence expansion functional we've established in growth significantly transaction meaningful to Since completing continued and business support a efforts acquisition the ability deal,
government efficacy distribution. be this as well variable duration the naturally, as and of XXXX, with the pandemic plans biggest vaccine in of During economy the the impact along will support the that, the
to funds to prerecession rate of zero duration levels near year the the Our for and end GDP throughout are fed the to by the remain the of current return year. expectations real
at quarter expect down to the we that, Looking to are of of loans $X loans total the up to Inside ahead quarter approximately to average expected XXXX first compared fourth of be modestly. billion. stable XXXX, be PPP
of impact which X%, quarter. down expect the to includes be in days We approximately fewer NII the first two
PPP, X%. decline is Excluding interest of net expected income to the approximately impact
to total $XXX other between and noninterest Within is that, mid be expected $XXX noninterest expect million single to income down We income be digits. million.
In total net expect single to to million. quarter in be levels noninterest and we to down offs, We $XXX the regard range. charge first between $XXX be digit mid expect million expense
the thought PNC's full provide for onetime at expectation our transaction. guidance. would it stand be USA XXXX year the performance, Looking to We any excluding to related helpful alone costs BBVA
you loan single beginning in loan For range. created the for the average growth to the the balances full year year XXXX growth full full compared loan backdrop difficult down year expect pandemic a in utilization we during to average the low elevated as XXXX, XXXX significant digit The increase of know, average in results, loan be comparison. which the
loan do spot the throughout year. we XXXX, in digit to expect However, growth for single resulting growth low have
expect We to revenue be total stable.
expenses to represents stable. back be -- We expect This up. that
be to stable, and excess of But current potential acknowledge plausible, our modestly. net current steepening forecast, further deposit in a we that's interest revenues of it expect revenues. growth rate We income and and down to represents forecast this relative is
our expect and effective expect rate tax be approximately we stable XX%. to expenses We be to our
Regarding the BBVA pending acquisition of USA.
I we're to previously BBVA BBVA this subject targeting a releasing providing the required will Therefore, the regulatory disclosed mentioned, not and USA we and recently until midyear will month. later close, financial time. results applications, not updates we this approval. As estimates be at metrics to the to filed be still related
Bill that, ready to And that take I and pre effort acquisition to integration with accretive questions. consistent midyear is all our with provide close expect in of And approximately net context year excluding original an and your the to some revenue. be for we relation in PNC's assuming million to to assumptions. provision $XXX full However, our the guidance, transaction we XXXX costs, are
