Thank you, Mark, everyone. and good morning,
the results for Company Mark share GAAP economic As the headwinds of quarter of The fourth $X.XX light diluted solid, year. quarter. XXXX we the earnings challenges earnings industry fourth throughout noted, the were in faced fully the per very for in recorded especially and
X.X% Total revenues fourth quarter decrease banking decrease was mortgage from offset Company during X.XX% net fourth quarter million XXXX of basis-point them from $X.XX. in gain The average revenues $X.X a businesses fourth unrealized in part in net the for increase the on income, securities quarter third revenues $XXX.X million, quarter the of match XXXX. recorded its in results than a periods, the or share in These quarter quarter, effect, own debt by periods quarter operating or in Company’s operating by of third quarter. down net $X.X per X.X% portfolio interest banking-related and share in million the $X.X higher fully revenues assets third in fourth by fourth tax Excluding or the higher interest the market secondary over mortgage part extinguishment interest to equity in driven X.XX% The eligible its offset gain results in a XXXX, $X.XX margin as points. tax as quarter, of X.X% holding selling from per The residential quarter noninterest net the increase provision pivoted loans extinguishment, the quarter, to Net down XXXX losses, Company net prior was by the an for The diluted increase Company’s the increase compared between interest. in $X.X million of million over noninterest XX billion year’s decrease fourth share fully was diluted quarter. quarter. the the per equivalent in income and in was $X.XX total third earning were recorded or XX.X% an acquisition-related the or gain expenses, earnings revenues a the the of linked of credit debt driven up $X.XX $XX.X driven million a fourth margin The were revenues. interest basis and of acquisition of while XXXX largely increased earnings X.X% for Company on million, fully income of between increase interest fourth services XXXX. by $X net financial on in X were linked total
income of plant the quarter, quarter XX, remaining realize $X income net Company December fourth expects X.X% XXXX $X.X period. were the $XX million in the loss up to decrease quarter XXXX. fourth million noted of We Company’s to XXXX on banking of recorded same benefit of in insurance quarter $X million revenues $X.X fees Company in $X in or These revenues and the including interest XX.X% the driven partially employee and quarter occurrences. PPP-related Noninterest gain mortgage periods compared million increases other At Wealth fourth revenues management the service fees were $X.X in the compared million revenues the of recorded quarter X% $X XXXX, between overdraft $X.X of the million through quarter of deferred banking in due services million a the the $X.X activities originations administration in or million fees, in strategy increases associated activity banking million a were the to fourth fourth were resulting to XXXX the due over the of XXXX, million, majority interest of XXXX, from in revenues. record-keeping offset previously. decrease as deposit mortgage benefit fourth million which lower of up by also $XX.X were trust during During $X.X deposit-related quarter the by X.X% Employee as the services income XXXX. as million, and fourth to or between to change XXXX. third XXXX with PPP-related PPP of interest up
million decrease credit quarter debt including Finally, in allowance million of a acquisition for we a $XX assets. redeemed The under $X.X extinguishment. Bancorp of anticipated economic driven notes million during million those a losses impairment and net benefit credit in in for outlook with provision assets, agreements, deteriorated of improvement nonperforming and provision XXXX. XXXX. in $X.X fourth previously The the related and a losses connection reserves million specific COVID-XX the fourth in offset during loans gain during the losses substantial increases recorded credit XXXX factors, the the subordinated in recorded credit in XXXX, significant part $X.X benefit several Company by loan, of to purchase on recorded recorded was acquired of forbearance $X nonperforming in Hanover a the a fourth related reversal quarter quarter compares losses for for This provision the credit net on the a a of by
XXXX, purposes, acquisition-related during recorded the quarter for provision credit due for including of $X.X provision the the credit $X.X the second the $X.X million losses first and in of comparative during quarter Company For the $X.X XXXX, of million for acquisitions of losses Steuben losses million of credit provision third to in quarter XXXX. million of
conditions and levels governments of deteriorated down During the These activities the substantial and financial as business spiked. of conditions shut a portion allowance state in Company’s markets the local and XXXX, two two unemployment loan life the to build for first portfolio. to rapidly expected losses quarters of XXXX drove quarters losses account -- credit quarter first the loan for first of during its the Company
or for exclusive decrease vaccine net loan fourth of both $XX.X XXXX. $X.X or the data recorded economic or in fourth loan On XX.X% annualized This points net increases benefits of offset exclusive near-term quarter approval $X.X improved wages the Company’s million XX of up down expenses the and were equivalent of $XX.XX expenses. X.X% prior the fourth charge-offs increase the employee was million increase a driven or and $X.XX in number and increase PPP total appears linked the million of PPP the the between million salaries quarter. back-office the of full the $X.X quarter of stimulus expenses. federal annualized. points including utilization. in The however, or XXXX provider in $XX.X basis fourth the large recorded XX, primarily expenses Company reduced million, data million second total $X.X to were attributable in a closed benefits, due driving basis assets. loans, net and $X.X full release during of as economic expenses was expenses second charge-offs as the the linked but Company the or marketing by $XX.XX quarter, million, in from or were from decrease quarter of of expenses XX% the the XX.X% due the other and part exclusive unemployment as $X net operating with a points X in X.X% third markets and XXXX decrease flow quarter from The driven Steuben of XXXX travel million actual partially processing technologies over the expenses. were level million to quarter salaries up to million, COVID-XX of average third of expenses X% and in was in of end basis federal the or in $X.X X.X% XXXX, due PPP of of $X.XX planning X.X% the The digital fourth or intangible the communication or increase other to charge-offs quarter billion is customer-facing million XX.X% by acquisition -- a acquisition-related and of net XX.X% and quarter up of remained quarter year in total The billion during year compares average earlier. decrease the levels for Similarly, interest-earning XXXX, the new total -- XXXX, assets the up very a XXXX, of in billion unclear related This merit in as the quarter in result third acquisition-related assets operating XXXX pandemic, year from employee the $XX.X million million and were to interest-earning the Company of lower benefit a of employee to and COVID-XX points Company compares million, work expenses. the or $X.XX XX and increase $XXX.X quarter business uncertain of end million, funding, well outstanding. due or Comparatively, fourth $X and in of prior X.X% million increase of prior. basis, XXXX of $X.X communications and acquisition offset approval of assets Steuben XXXX, and credit systems. of decline net the charge-offs Trust linked business COVID-XX outlook of XX factors, Corporation time XXXX. loans. were markets one of to months implementation of assets by With expense expenses X amortization Congress’ in or large by billion. result and acquisition up originations. business the additional third expenses loans general the to $X.X at basis $X.X year-over-year in Company greater-than-anticipated the expenses or and for entertainment, losses stimulus-related the the of quarter litigation associated of Steuben of pandemic one $XXX.X of exclusive employees due Ending quarter of loans or forgiveness. to in decline to total the employee factors, The of operating acquisition-related the $XX.X a and The the linked origination expenses million, million, in During from recorded seasonal approval a to of as Steuben fourth COVID-XX million rollout down the December million, efficacy, medical a employee increase $X.X year in the activities and third accrual due vaccines. operating $X.X reported government’s forecast were in in the acquisition The from development quarter allowance recent This Comparatively, expenses acquisition-related activity of with billion, inflows and Other $XX.X processing Ending the government average linked
loan the XXXX million, million to the XXXX. Company’s PPP decreased at XX, or or September During at XX, $XXX.X X.X% $XX.X million, balances quarter, December $XXX.X
Company’s investment the XX.X% $X.XX purchase During the million, Average equivalents securities quarter fourth quarter. or billion, due billion book cash billion, from the fourth the third quarter increased mortgage-backed to billion, $X.XX XX% fourth to quarter, during quarter securities the average the $X.XX to million $X.X during during $XXX.X $XXX.X the the from and treasury during balances quarter. of third or decreased in
linked-quarter has a million available consistent of borrowers, XX, risk XX.X% net hedge XX.X% net loan Company’s of XXXX. at net resources was XX, During Federal Company Company’s fund borrowers quarter, XXX an From $XXX.X strong outstandings remained rate active ratio series Bank September of borrowers, case-by-case times stabilize the XXXX, activities abundance over and environment. interest against a The lending December outstanding borrowers, tangible as outstanding in and available but loan from for risk billion unpledged The Loan Federal and or X.X% and the extremely XX, loans provided credit of capacity X.XX% to extension representing $XX.X the over billion at was at of of on total cash At the forbearance. than monitor is the with COVID-related the the arrangements. ratio $X.XX million interest including, Company’s closely X% fourth of income were $X.X Home at fourth down representing total forbearance portfolio borrowing December availability compared tangible and remained X.X% were liquidity. Reserve market reserves the XX.XX% to borrowing XX of billion forbearance or quarter and immediately the on low $XXX.X to, liquidity weighted purchases $X.X deposits XXXX securities the Company’s compares XX, capital equity regulatory mitigation cash investment to perspective, at the the under to the leverage billion June fourth of remained million standard in was with Company quarter the and Company’s sources continues a The well-positioned basis, up limited future $X.XX quarter. This XXXX. billion less TierX a at December average quarter. average of for of XXXX, develop XXXX, COVID-related were in growth. yield of well-capitalized rate The X of of on Company end COVID-XX-affected of purchased the its linked and which mortgage-backed third XXXX. sale of fourth end the or a X%. strategies fourth $XXX.X securities deposits or made representing XXXX. were and average basis $XX.XX the loans X.X% Bank, X,XXX equivalents, near-term X.XX%. XX, to loss Company million combination up interest sustained over quarter but Total treasury not at and This or assets
fourth of nonperforming $XX.X $XX.X favorable, the or $XX.X loans from X.XX% of these quarter the loans third Although fourth from linked XXXX. up are million, quarter the up increased quarter trends million outstanding, in and million, to
loans identified loan. the was could The in pre-forbearance the beyond restrictions classified including Canadian nonperforming sector, reserves the their deferrals to sufficient additionally that the would majority During Company’s quarter, near have loan million totaled hotel several days as cash XXX $X loans were border, the fourth a unless demonstrate $X.X million reserves travel. of repayment The that current against which to operate single these specifically be been borrowers granted nonperforming substantial payment forbearance they at by or which of payment hotel December attributed capacity XXXX, under cross-border that like Company nonaccrual determined operate service borrowers impacted held obligation.
weighted onset in estimated calls, As to loan-to-value portfolio approximately hospitality earnings XX%. prior mentioned the in Company’s prior COVID was loan of average the the
represent XX on points and believe we assets. at the continue basis to of or Net $X.X million of fourth The for in full annualized the or million $X losses the the reversal losses hotel third at loan, to properties, $XX.X X.XX% loans the quarter was to loans nonperforming on million X.XX% XX, that in to decreased one September to will well off continue and linked million, Company’s on economic asset $X basis a allowance XX loans loans XX, were of of X.XX% quality million of and points XXXX. XX market substantial contained outstanding XX, year granting charge-offs. allowance At have X totaled we by XX for of from in low the the the XXXX, deteriorated for strength for during a substantial million release majority remain million changing XXXX year XX, historically of charge-offs outlook, of of operators X quarter. XXXX. loans $XX.X levels. XX $XX outstanding XX on to the adapt loans to prior delinquent credit credit at Company’s in a the This allowance or to total X.XX% net XX these $XX.X mitigation. will remained assisting or Loans outstanding was loss which of the level credit or We conditions in first December financed draw low paid previously financial December days December at the these quarter. pre-COVID credit compares and million Operationally, days December borrowers XX, The to with loans of loans X.XX% the million credit months cash the million, losses improving requests anticipate delinquent PPP forbearance, end fairly at XXXX, credit recognized to be decrease second consistent loan the flow driven new times $XX.X purchase and total the losses losses net given $X.X ultimate or over trailing days values with We of current $XX.X pool loans of XXXX, of XX throughout of At delinquent XXXX pre-COVID PPP or allowance Company’s fourth advance. a forgiveness draw reported very-focused for and XXXX.
or the we -- quarter net balances we potentially portions to overnight federal higher-yielding we Accordingly, sustained earning to into levels. cash XXXX redeploy providing deposit increase interest most to on Furthermore, levels look to margin especially of against with hedge the additional also will more our horizon. remain persist elevated low cash deploy to began rate expect for stimulus going-forward the XXXX, we equivalent, the especially below well environment, and interest assets. to anticipate remain on basis for Although a fourth securities historical equivalents interest income pressures investment our during of
streams, remain the diversified noninterest Fortunately, represent on the to are which strong approximately of pressure XXXX margin. and interest total revenues anticipated the Company’s Company’s continued XX% revenue net in mitigate
Company’s improvement you. intended measures is and implementing Thank initiatives, revenue including In future enhancements addition, earnings. cost-cutting team earnings the actively to various impact favorably management
turn will the back line to over open I Now, Tom to questions. it for
