everyone. morning Thanks, Bill good and
XX%, on is driven is BBVA Overall, increased by presented Loans sheet the acquisition grew year-over-year was grew and XX%. and growth of securities Slide balance USA. primarily average on balance Our investment an sheet basis. XX%, X deposits
the were billion, $X.X X%. of decline quarter quarter the $XXX at loans or billion fourth for a linked Looking changes,
or by forgiveness Excluding drivers PPP much over $X.X Accordingly, activity cover we cash activity, detail the increased loans the Reserve few billion grew of higher $X.X at I and throughout or X% X% Investment balances securities quarter. the as of $X next maintained billion. billion slides. Federal more in declined billion purchasing will the $X
side, declined repricing portfolios negatively offset strategic deposits quarter $X.X balances quarter USA were balances. of and during that liability consumer billion BBVA the deposit as third fourth higher average certain related runoff the the and On by to commercial deposits impacted
above spot However, X%, anticipated value when XX levels CETX the reflecting total positions the end, our billion increased was deposits per our deal. on book or of ratio customers. was liquidity strong we December At $X forma we both announced a common tangible are continued substantially year basis, share XX.X%, the to pro of our which as be and $XX.XX estimated
the capital $XXX share quarter, of million million. we approximately During $X.X of repurchases shareholders of common via billion $XXX and dividends returned to
well-positioned decline and Given declined more $X.X going more loans billion. growth than Slide flexibility In quarter, fourth deposits capital shows in forward. was billion in significant we our the commercial ratios, a of consumer X strong by our $X.X detail. PPP average loans and loans in continue with to be offset loans capital as
by corporate Excluding billion the lending. commercial or driven asset-based of impact PPP, banking by and in X%, growth loans $X.X grew
expanded steady quarter, fourth our and and pipelines. During to and business increase slow corporate utilization continue see in with institutional banking within rates a we the along that
auto residential loans for balances linked Consumer were are by driving quarter XXXX. and higher factors higher real offset loan Taken mostly home loans. lower together, equity as modestly estate increased growth in expectations our these
change to billion of of $X.X of as by Finally, PPP Average I points. loans balance to sheet. interest-bearing on at remained in $X.X as balances. our average And on basis deposits $XXX Reserve billion paid decline linked our Federal previously loans stable billion due securities mentioned, and continued December the I reasons XX, PPP deposits rate X remained quarter for forgiveness details our X the declined Overall, mentioned. Slide activity.
fourth of opportunistically add end and quarter quarter, our third throughout primarily to the As at portfolio, U.S. the continue rates the securities to we treasuries. increased
As a $XXX billion balances fourth to an billion X% of XXXX in and assets. third compared quarter, averaged $X.X of represent quarter of the result, or the increase interest-earning securities now XX%
$XX us We environment. excess have we positions rate liquidity averaging for substantial balances which rising Fed continue to with cash fourth believe during a quarter, the well billion
on EPS As $X.XX, see XXXX X, quarter integration million. included fourth pre-tax you was can $XXX which costs of Slide reported
adjusted costs, $X.XX. was Excluding integration EPS
the deal incurred $XXX by the of by integration integration approximately $XXX fourth increased million have reduced expenses the million during half we total which essentially write-offs items. Since and the we including acquisition, costs, expected, revenue announcement expected XX% As of for quarter, million. $XX costs, total incurred $XXX million our anticipated capitalized now of of
linked in $XX The increased of million $X.X Expenses continued or quarter in was X% impact quarter. million, million costs, million, $XXX fourth improvements declined recapture Net fourth billion revenue the X%. the was quarter environment. earnings the integration was and of $XXX or or pre-tax integration $XX excluding costs pre-provision million provision X%. reflecting pre-tax down Excluding $XX income, economic
detail. discuss let’s in the drivers more key Now, performance this of
Net the balances. $X.X these X, slightly, for was interest charts fourth securities interest Slide quarter, at of decreased of diversified higher stable $XX revenue quarter up billion mix. was result billion, X.XX%. to income illustrate business primarily Total non-interest of linked reflecting Turning million $X.X our a Net income. lower margin
million was and As million, treasury $XX million $XX and costs management reduced declined $XX Fourth million X% fee integration waivers, quarter. of $XX billion non-interest I by $X.X lease fee mentioned, costs, waivers. $XX income, quarter of of or linked integration income included million which exit excluding costs, overdraft
integration as service related loan equity services X%, fees activity. a primarily fourth grew adjustment of as elevated quarter of due mortgage offset Looking markets. million derivative million third was management negative higher to driven in a quarter BBVA loan linked of RMSR revenue. to $XX $XX advisory result and the at sales lower revenue. the on and declined Visa increased credit brokerage USA corporate revenue. activity valuation income $X to average million converting higher million impact decreased or excluding adjustments Residential million customers a $XX Corporate quarter fees positive or reflecting overdraft $XXX was non-interest Consumer structure. as in detail, continued or well compared deposits PNC’s to higher income, X%, increased costs, Service $XX charges product by the non-interest pricing Other equity stable syndications the adjustment fair and value asset card million primarily by X% private $X million, lower
fourth expenses. million our up XX, expenses X% was increase Slide primarily or quarter quarter. integration growth to linked million $XXX by were driven $XXX by The in Turning
incentive X%. or of to continuous Excluding program, related goal. elevated $XXX an our the strong through employee expense as largely increase by had activity. in well and compensation driven non-interest our The personnel as was expense, increased fee $XXX million expenses costs within integration XXXX successfully achieve of that higher hourly savings minimum we million, a actions goal improvement cost growth impact rate million of benefits to in completed pay $XX of We
Looking forward to XXXX, once will be goal $XXX again CIP million. our annual
XXXX, realized that provide the expense is to which in completed we will that our USA the in of $XXX BBVA to and I be will all million end a XXXX actions year we minutes. few fully related of of expect as savings Importantly, in acquisition, reflected drive guidance
XX XX. driven and first Slide $XX by this which or charge-offs, in increase $X of on loans of $X.X of the of Commercial and or the other was of consumer $XX increased were million, expect billion it net December delinquencies less auto will large charge-offs X% and well Non-performing we as to a million $XX half resolved September million, an X% on by grew Obviously, conversion-related as Total an than XX%. billion offset million increased presented million but $XXX BBDA represent higher $XX XX conversion-related increase, consumer million primarily Net be $XX are declined operational seasonality. $X net of consumer. XXXX. loans metrics million, credit delays, USA $XXX was administrative impacts loans. continue million reflecting leases compared and Our increase decreased to largely for of Inside linked within charge-offs quarter. total
a reported summary, the concluded strong course our regard successful fourth as of of we XXXX potential our over view to $XXX overall be X.XX% we coast-to-coast a well million, In the fourth quarter XXXX was growth. credit during losses our end, XX Our loans average reflecting $X.X quarter loans. in in continued reserves for to representing the At of the and allowance declined our In were points. continues basis economic net quarter, fourth improvements the environment. expect billion, annualized realize XXXX, which PNC franchise. low to we GDP X.X% And the charge-offs resulting economy, are to and quarter, of growth for continue strong positioned in
expect also Funds in May, point Fed We in increases by XXX XXXX, June, September rate in and in beginning followed the basis increases additional December.
impact our as into for compared XXXX ahead, X XXXX. results XXXX results of Looking XXXX Taking guidance outlook our is year for year USA the to of BBVA months months full XX includes that in to full compared only account follows.
approximately spot average loan expect on We of XX% basis. a and X% growth
expect We to total XX%. X% growth to revenue be
tax expense be excluding year Based in expenses, here, increase operating will XXXX. X we clear this be of on rate a full integration which equates of million expect months effective expect We our and expect to positive XX%. this we X% up USA additional And to operating includes approximately expenses, BBVA to leverage to to $XXX solid X%. be generate guidance, approximately we
the XXXX up we X%. balances, compared expect ahead quarter recent average first PPP, results, of X% excluding fourth XXXX loan be at the approximately to to to Looking quarter
approximately days a to and quarter NII in $XX in expect be approximately interest the We million decline X% fewer to PPP-related reflecting X down income. of X%,
in down We fourth to first activity X% elevated income categories. as client expect X% seasonally fees well to fee certain be quarter to as lower due quarter
consideration, all other securities non-interest million of between our to as be into well total million, costs to guidance integration as income $XXX decline expect revenue approximately we X%. and components expect these to for We and X% revenue $XXX Taking net excluding activities.
costs, X% incur we million integration to excluding expect expense down X%. non-interest And to to total be quarter, during expense. integration the approximately expect We of $XX
that, Finally, net your quarter Bill are with And to ready we charge-offs take million $XXX expect be and to between and questions. I first $XXX million.
