Ira. you, Thank
quarterly of X, trends. reported X.XX% income highlighting from Turning and interest to interest net net to XXXX. Slide X.XX% in our quarter fourth margin increased Valley’s margin the
margin purchased from the credit of of resulted loans CECL. quarter’s points X first that basis implementation accretion deteriorated The on higher benefit from includes
margin continuation of declined an a of This adjusted net reflects experienced the quarter. was our reducing on the in as basis interest interest Exclusive X.XX%, points rates the upward benchmark is sequentially. this, fourth success quickly trend non-maturity in XXXX, up costs, basis and X deposit in of quarter
On the non-interest into and out to side, accounts. deposit experience of rotation CDs customer transaction and we continue
is Going wholesale liabilities funding that there’s Slide mature. X. and to room reprice forward, we lower these as sources opportunity additional outlined on believe This CDs
to necessary quarter to the balance we Earlier ensure our Ira during certain have resources uncertain liquidity initiatives these mentioned respond we customers’ sheet times. the undertook during needs that build and to
weeks added on portion roughly we advances In $X.X utilizing of advances of basis will X.X the of March, swaps two billion term a advances, of average these be By the with all-in weighted a months. of cost the XX last points. FHLB
and added we term a X.X $XXX of in weighted brokerage average a with additional million quarter-end, and average CDs, short-term months advances FHLB an to Subsequent of over X.X%. billion of $X.X weighted cost
our of billion. exceed actions, equivalents and quarter-end result a liquidity As cash $X
the that liquidity near-term uncertain our firmly prudent, we net are interest While face. drag these margin, modest on produce believe this excess a given we currently environment may efforts
exist swift the March. non-maturity persist. the the costs in in Slide that you and reduction And in from maturity wholesale schedule CD saw deposit illustrates costs additional on funding opportunities as the drove also retail Slide rate rates forward quarter. XX lower CDs lower trended we current should X, environment reprice to XX-month
to pressure. would the you expect, as under side, On see yields continue we asset
the pressure benchmark point in from During XX of reported reduction despite result Origination basis six first second-half new increased XXXX, XX fourth yields from quarter Despite of XX X basis yields a as PCD the origination significant the in basis quarter. nearly the basis basis declined in spreads months. points, a accretion. are XX this last the points points loan the declined accelerated points the loan quarter quarter, up rates and of in benefit
non-interest income full of largely our below the strong a quarter, on, fee growth, interest of acquisition fees. operating income increase slightly of quarter’s the swap the adjusted XX.X% Oritani. This sequential was quarter, X% from growth, adjusted by partially fourth the to was during in decline net in quarter’s attributable from million prior a linked Despite income product revenue the impact driven ratio a Moving XX.X% $X primarily increased strong level.
approximately were million we $XXX the originated fees from quarter, up Swap million quarter. $XX approximately loans, on prior notional as in swaps the million of $XXX during back-to-back
level, to we expect reflecting forward, less overall swap to would Going return a fees activity. lower
fourth quarter of declined gain X.XX%, XX income sequentially, volume margin which approximately million the Our as gain increased to to XXXX. sale $XXX points partially XX% than the a of net $XXX declined mitigated residential on from more sale mortgage sold volume the on On in million note, decline. positive loans basis
an of progress provides significant X expenses have and the made our efficiency quarterly operating front. Slide on overview the we
$XX reported Our approximately the decreased million prior expenses quarter. from
reported of expenses XXXX, This down for merger-related amortization million the credit million of includes first quarter’s million roughly $X from The tax was prior $XX approximately the quarter. prior million quarter. of in $X of expenses, pre-tax figure to compared infrequent $X.X investments the in quarter
cleaning items, the one-third adjusted and Our up to increase expense of quarter. and previously infrequent $X X% Roughly, million credit COVID-related previous sequential $X of from were during due approximately the the million, costs exclusive or amortization $XXX expenses, is quarter. million, special tax bonus accrued of mentioned
the conversion synergies in As the recognized we mid-February, quarter. in Oritani second be full to expect systems occurred
told you goal to track XXXX. on achieve efficiency adjusted during we were quarter, that below XX% we Last our
efficiency of we can adjusted As ratio mark quarter this see, that hit XX.X%. with you an
a basis, adjusted have XX% only mentioned, As growth, in operating on expenses. Ira revenue year-over-year XX% increase with generated we an
to While team and our provide efficiently remains is products returns that operating on our personnel the resources environment and business lines allocating uncertain, expense the greatest base. COVID focused management financial on
XX% categories, annualized CRE basis annualized. XX% Total strongest and $XX.X billion. C&I and loans increased to increasing in on with commercial XX% an our Growth was
construction at includes given quarter up markets. the we significant tick in one did expect, end see increase noted utilization, was from The the of most quarter As Florida XX% would to line XXXX. the the commercial which XX% of in environment, fourth our
quarter, home and as the annualized utilization on been declined portfolio fell. stable. both Meanwhile, balances our of non-mortgage relatively end an the X% Since has equity basis, line automobile consumer
our originations in up XXXX. accelerated throughout billion, in timing an approximately of peaked and Loan rate XX% annualized the growth of end origination of the a perspective, new quarter in at from and downs. the both totaled slowed Since XX% COVID-related From shutdowns first markets have the quarter unexpected quarter, first March. the economic quarter $X.X pay
We slowed, to the traditional the activity Protection loans, the the originated totaling Paycheck under Program. program, have of X,XXX phase and first PPP, loan resources of demands the As requests approximately we billion. under XX,XXX origination we has received diverted managing $X.X
Our $XXX,XXX. median loan was approximately size
Our off our amount and XX% expectation near-term. large that loans balance and in be a made XX% could forgiven two the this The sheet remainder program remain between on-balance under is years. of will for sheet
program originated As this the under are a reminder, government. loans guaranteed fully by
loans fees X% each modest each loan. interest the will carry the will yield, of loan X% lenders based processing originated the between the size a X% per income These loan. life SBA pay through accrete on and While of over of fees
This the and SBA team. approved generated for $X.X this and originated significant the million an efforts expected extremely reflected of phase fees SBA. dedication initiative successful the in Valley from of of program a approximately of has portion our $XX in and Valley billion loans was initial processing
The overwhelming program of value relationship. borrowers into this our preexisting a had majority
However, new cases, new leveraged to In in clients select these our Valley. PPP instances, relationships clients. strength to we significant service deposit many brought
our retail that include have and exposure. centers, $X Approximately Slide billion, companies. industries, XX, hospitality or exposure are and and to These which we industries outstanding On to our industries, have surgery of primary secondary loans loans the or to the primary foodservices pandemic X% pandemic. non-essential doctor detail
loans. You know rated of deferral that loans of in pass we on methodology, requests our under credit our and segments are will currently approximately these approved XX% XX% these
may which impacted the the COVID less by as We note indicating industries rated, you credits also the these such education, of exposure to prior and majority virus. overwhelming Again, are be have positioning will pass manufacturing identified our strong outbreak. to
on total XX% as underlying out were XXXX. While transaction total of deposits sequentially annualized comprise up declined customers quarter, accounts. the an from increased the deposits, modestly XX% of deposits trends strong and bearing fourth basis to in Non-interest CDs and into of rotated in non-interest quarter XX%
an annualized deposits Similarly, non-CD on rose interest-bearing XX% basis.
of strong As to ratio a XXX.X% quarter’s end XXX.X% the to fourth loan quarter. the result from deposit growth, our loan of the increased at
cost total While which with December of due billion approximately of opted roll CDs replace to XX, lower declined FHLB to we brokered that XX% the advances. off $X.X from CDs, was
Overall, retail deposit retention has been favorable today.
to quarter-end added with CDs subsequent consistent our we mentioned, liquidity As and at brokerage billion multi-phased $X.X of plan, favorable terms.
improvement aggressively fell interest XX quarter, points deposit basis X.XX%. reflects to costs our non-maturity fell. interest-bearing the decision costs to as This rates For deposit manage lower
costs in as in a the first lower quarter, quarter. billion quarter. quarter, $X.X the points the coming may to basis in cost enacting trending it deposit that of more of late approximately in However, the occurred useful late total than that Largely our majority liquidity plan, out be reductions by point are April, as with our the XX growth funding increased result borrowings
X.X advances, weeks two added months. of weighted we last the of with billion the in average maturity Specifically, of quarter, FHLB $X.X a
billion points. is As this $X.X net on the to result XX of a just advances, utilizing of the a swaps cost portion basis
cost CDs X.X% have X.X% billion billion mature. at average of of weighted at expected $X.X we $X average and quarter, a weighted cost CDs brokered to of of approximately a This
benefit would rates additional market maturities, an out our sources rate as from continue interest remain to these expect Assuming remain relatively to from position. relatively we risk we an stable, neutral funding even repricing ladder
implementation. our our CECL of presentation XX Slide details
comprised with and commitments the million for Our increase million allowance loans. was PCD million phases. and $XXX million increased acquired December and one adjustments. loans January allowance losses $XXX for two for X, our non-PCD $XX On between day as CECL of nearly in XX, losses of a unfunded XX for by March credit result $XX increased coming This credit
net methodology PCD to XX million transition of reserve to the $XX.X PCD of methodology reflects $X.X approximately and loans. loss points loan reserve. inclusive build, we of million from basis allowance our added incurred $XX life loss the of of quarter, X.XX% our provision during additional Exclusive a Then increased saw reclassification, the This million an to charge-offs. which
quarter’s medallion on valuations related Roughly, taxi of $X loans. the provision million lower to was
CECL due of of as updated Another conservative well our as effects economic towards Moody’s model, inclusive multi-scenario COVID-XX from reweighting incorporation recession Moody’s scenarios. the into to XX% was forecasts the the of
our gradual for steep our unemployment second From and the double-digit generally provisioning forecast quarters. be in forecast a on assume our taking track an drop will dependent largely expectations. GDP the general, U next relatively several degree a unemployment In economic economic XXXX L-shaped or in perspective, outcomes assumes of recovery few Future quarters. quarter activity that the
metrics. or On reported total CECL loan non-accrual increase, acquired pools of loans. $XX into due for the sequential with individual $XXX PCI an the basis, the reclassification to loan Roughly, our loans related to Slide credit quarter’s loans insight of accounting million, methodology. million than XX% XX more the was X.XX% a reserves doubled of under to provides PCD
non-performing of X.XX%. the loans asset the these during to increase would transition XX% items, quarter. $XX have previously to of additional was non-accrual of been accruing An due medallion the of loans million at two Exclusive unchanged non-accrual status taxi
can tangible our book see in Slide value the ratios You growth capital and XX. on
equity by but on Our a excess in is December liquidity our that at X.X% of remained liquidity higher significantly approximately declined The common strong points. a December common from estimate our X.X% our result XX We XX, dragged asset tangible position. from tangible excess than growth year basis primarily ratio ago. reduction X.X% ratio equity to
$XX was our we CECL Recall day capital that deteriorate ratio the absorb impacted We outlook further. should to economic of million by a provisions that additional as believe our our non-PCD of and equity the support one about sufficient growth opportunities result have also tangible common portion adjustments. to
equity capital $XXX else million tangible loans the balance Depending quarter. points. our we would estimate ratio temporarily reduce PPP on All could the tangible the ratio forgiveness, on of equal, basis common sheet timing we equity each loan remaining XX by declines of second further that see in PPP
However, to be ratios. in majority impact be loans near-term, we will expect the regulatory to the there of forgiven these no and
provided and key quarter, efficiency On putting an annualized guidance guidance growth, basis, first growth our strong us for our income net for year. loan for exceeded XXXX we business. our quarter on very Last results elements of track a interest
However, eliminate decided crisis, global our backdrop have guidance. health this to with of we the
provide our health continue much day the each more financial and banking industry global of guidance Valley simply about to we to this While to there’s too specifically, impact investors. potential crisis confidently on the learn analysts and uncertainty
I’ll for to call the commentary. that, Ira some now back With closing over turn
