on And would to XX/X like for their helping watch. team work Seacoast overall customers the taken Denny. sincere remarkable this effort work this to work couldn’t Thank last weeks our to in proud and challenging I to the PPP. six you, over assisting of actions commitment I nothing more and It’s The have also alongside environment. team been been remarkable. customers. be too short express hard The teamwork my the team truly by Seacoast appreciation
of interest loans, X in high to points. and the by income pay results, interest Net result on increased margin points, basis acquired increased interest portfolios. yield Directing now point basis The Quarter-over-quarter, million the we’ll increased increased loans yield securities on both of basis on X downs first excluding the XX X increased to levels primarily the X.XX%, your net net turn sequentially. quarter accretion basis Slide margin attention X. $X.X to points
the interest securities resulting points. favorably yield of and prepaid in accretion $XXX,XXX the During the security agency XX quarter, points impacting margin by basis basis X two CMBS by net
quarter. we our increasing liquidity in The deposits given late on by and we rates. strategically be of coming Also of to the impact deposits the will basis points reduced the supplement the and COVID-XX cost benefit quarter, position, deposit The unknown in declined action brokered of aggressively quarter business late X economic in full this conditions. realized began
funding a other brokered beyond conservative unfavorable offset to PPP which we and remain given of by other if second And the the the margin would as our anticipate the positioning quarter, we guiding maintaining improves, the to to prudent expect the loans. on this benefit circumstances partially comments will wholesale beyond these conditions from say, impact forward the situation economic in moving collected fees mature, out be margin. second Looking dynamic will We market posture warrant. cautious than quarter,
from million to banking XX% income $X.X slide record noninterest previous X. $X.X Moving $XX.X increase or million, and grew or the the quarter prior totaled fees Adjusted X% forward year. quarter was an from million one a of Slide $X.X million, And a in market. of quarter our an quarter of record also reflecting wealth the million a under first increase for XXXX management management teams $X.X year-over-year. with leading vibrant assets strong new residential was income in to $XX refinance XX% million and Mortgage
Looking expect we to healthy, refinance forward remain of to banking to quarter, as continued result mortgage second the activity. a continue volumes
consumer However, at we impact be do of to spin expect as have the orders lower company’s interchange stay volume consumption. dampened by negatively home income the impact
compared increasing and prior line Adjusted was combined Moving expenses quarter was million $X.X $XX.X to forward remaining and recruitment with and benefits in increased guidance, the $X.X taxes $X.X expense a which year strategy the noninterest range million of bankers as the X. one the payroll to this of of accruals of Salaries million to totaled in on the basis of focused compared and XXXX. result year with of bringing prior in a quarter. acquisition the contribution as fourth slide prior XXXk a incentive as quarter’s related all Slide return employee well increase line on successful seasoned seasonality. the million, reactivation
smoothly in keeping work included through supporting also million associates branches bonuses quarter they our retail call functions hard and center the $X.X pandemic. critical are were for This and awarded whose operating
in We Beaches processing million. across the and marketing were data total the related mostly related merger and Palm categories legal saw expenses increase the quarter, acquisition of $X.X to during all Bank of an the charges First expenses,
$X.X adjusted to per additional staffing the PPP resource approximately call for program This expense noninterest supporting the our are and XXXX, excluding $XX.X be quarter approximately expenses million For guidance the of includes increased of center. $XX.X to temporary was demands million second with modeling associated million, assets amortization intangible quarter. we
leverage Slide X. of first to of Moving managed overhead The year. to increasing continued operating tax XX% focused prior improvements payroll compensation XXXk expenses with the like expected and quarter adjusted on the outcome I’d growing revenue. generating in with in with and year to increased the highlight our sequentially during seasonality and other line ratio efficiency
growth. not control continued to discipline, while ensuring sustain on proactive and that impede cost revenue strict we do We
in potential million general first apparent. growth an quarter, of in the COVID-XX quarter of on year-over-year Slide to impact XX%. economic production in became originations Bank X.X% to was the loan now compared resulting of the slowing loan the X. seasonally the in Beaches of Turning quarter million $XXX of $XXX quarter, new the reflecting Total and in as million, another the added of net intentional late $XXX slower Palm First The conditions growth acquisition prior
earned established April Seacoast over Paycheck million is $XXX,XXX the Protection funding The the processed funding, $XX round its was generating first provided X estimated CARES average on Act. customers loan was customers. for over applications by $XXX X.XX%, began loan of from fee million the X,XXX Program and In fees. in applications, Friday, to accepting Seacoast average size an in the
customers SBA preferred quarter. in focus continue the lender, helping our access we’ll on second As program an the
of resulting production from conditions XX% deteriorating our pipeline at commercial to loan was economic Looking pipelines, associated end slowing quarter, at down COVID-XX. the the $XXX due million to intentional the our with of
and volume uncertain relationships were up million, residential the strong outlook, pipeline $XX support ratios still to pipelines the of XX% the up significant will with In A majority XXX% the million. consumer, the serving market. significant In a on mortgage vibrant coverage sold debt in the to liquidity, of $XX category, secondary residential strong we stress. refinance impact market. service focused balance are is be can current that reflecting sheets Given
continue and our exposures credit capital XX. Slide We to prudently. robust to Turning our intend position manage to
We confident our conservative will posture that serve established us well. environment this are entering
of the loan average commercial residential their The XX% is broadly by real estate being portfolio representing investments of lower commercial meaningful with and of Our portfolio, producing portfolio the real estate to for XX%. up estate real Over portfolio owner stabilized in is income representing commercial of portfolio. secured classes is real larger asset borrowers XX% distributed with our by that estate occupied loan-to-value equity have estate various and making XX% the portions secured the the values. real commercial XX% portfolio across
risk-based of and lower well point respectively. and is March real our out XXX% commercial peer finance XX, have guidance. We no and lending. capital have national loans represented development shared we and mezzanine a loans managed exposure This our group. At estate portfolio conservative regulatory to land XX% no position that keep construction I’ll below most than no credits syndications, in to and
Our loan loan $XXX,XXX. categories, and across with portfolio diverse broadly it’s distributed size an of average commercial is
Our XXX. has average of consumer score credit portfolio an
portfolio credit home mortgage The has our average portfolio with credit XX%, XXX, equity first average XXX. portfolio of home portfolio XX% being of residential of average our has credit score in Our position. LTV that an lien of line of equity score of credit is and an loan-to-value or
across in the of office professionals. and a XX% of medical, average light-type only The our accounting, investment to size engineering, is The portfolio. when occupied. and and loan-to-value is The diversification types portfolio stabilized is turning owner strategy. XX%. properties. building, average and industries is And the healthcare, XX% has the been income in portfolio construction this primarily This of XX% veterinarians XX aggregated of our collateral CRE other $XXX,XXX as portfolio office is portfolio this includes loan remaining and office exposure this XX, classified representing largest producing tenant critical Slides
is second real segment of our the portfolio estate, retail is loans. in average representing loan is total largest XX%. Our $X.X loan-to-value retail The size and average X% million
an of only million. the is and exposure loan-to-value distributed $X.X with estate hospitality restaurant full it’s Both million serve million portfolios is only restaurant loan with quick and and of secured average size average our restaurants, real hospitality limited and service are $XXX XX%. primarily amongst portfolio with $XX Our an
net in industries ultra worth vessels The and concentration only commercial representing category the net aircraft portfolio. high X% is no spread marine multiple for of exposure remainder above companies is individuals across owned The high financial largest our and and by worth holding X%. with
exposure no have industries. amusement direct to casinos line or cruise the We park industry, the
sharply the asset multiple has consistent to in March classes. past in CLOs of bonds values. classes Lack including three over spreads some Reserve Turning of liquidity the stepped to of securities to the asset relatively years. Slide Credit in lower and led In some our purchase portfolio, increased composition the market Federal and XX. has portfolio remained the
all XX% expect A liquidity believe CLO period significant the and loans. broadly has these and grade credit The holding support market AAA, XX% Our syndicated is the AA credit comprise and values breakdown our is over portfolio book the graded and collateral of value and as recover decline market related bonds. We to XX% not returns. investment
book. Turning prior to Bank accounts to acquisition. reminder, points. believe Slide of demand $XXX continue and to the and deposits by deposit XX% represented basis increased from was deposits the bearing million cost the the decline will the including XX, our our Non-interest moving second outstanding quarter. The points of deposits compared of sequentially, transaction quarter XX a cost franchise. of XX% X million We First of Beaches lowered at the ended deposit basis as deposits And represent Palm into quarter $XXX XX
or Slide XX, and and to increase loans a XXXX, Turning million commitments to $XX.X $X.X on million. loans. $XX.X additional million. adopted losses. reserve in decrease an in was XX retained estimating the allowances million is after overall credit resulted methodology the unfunded XX on X.XX% for CECL March adoption an we The for The of for tax total X, of effect of reserve January estimate of earnings The $XX.X
recovery GDP be X.X% more The and We’ll of the the forecast half a based the in of the X.X% in of XXXX. baseline downturn drop of strong recovery in with the baseline XX unemployment of and a a exiting many an on assumed second utilize unemployment considered the V-shaped possibility. second as year rate also second rate quarter, then with shutdown would economic businesses, a a profound severe Moody’s quarter forecast March we
to downturn scenarios might looked to sustained be the more develop more period. for leading characteristics looked the could scenario at the over the the provisioning further than possibility and the the we our severe also pandemic the and more Obviously, assumptions that in adjustments We – at the more of and estimate be baseline extended reasonable unfavorable the support The realized. to ratio benefit to we – of and its not on pandemic continued or and still impact yet move remainder the yet through the full impact of increase and its the severity the as and economy evolve effects the are the duration could governmental program fully coverage year. the decline be known allowance of
XX. And turning to Slide
quality for X% to $X first March with down charge-offs and in quarter loans and risk-based the from Non-performing X% Asset strong Classified quarter of trends of minimally to capital under and at the increased assets quarter X% XX. million. net risk-based due criticized capital the were remain XX% slightly. prior
lines available lendable from credit $XXX of XX, $X.X company it imprudent XXXX, December value million of increase managed to under our Cash million, position. Slide XX. collateral turning million and unsecured the credit of in of had lines $XXX XX, billion. $XXX March And shows well totaled liquidity And an of
of has XX offering at total rate company securities $XXX collateral is Starting mid-April, $X.X March of and weighted that the are Brokered for rate a for pledge totaling basis days. potential in with in available maturity with Federal fixed billion PPP XX million on Additionally, term average Reserve of a XX funding CDs of points average an borrowings. X.XX% loans. the loans
program. utilize potentially this to expect We
And turning to Slide XX.
strong. Our capital position remains
tangible Tangible The the prior ratios the this was was of increases the increase amongst result to levels adoption The XX, highest for share tangible of ratio was of and year, a quarter XX% strong over equity in Tier at ratio Our a was group. despite and end dip positions quarter-over-quarter. peer current is for asset $XX.XX, our and has value maintaining the common an balance capital ranked commitment of quarter, these ratio XX.X% of the is XX.X% Each CECL. the sheet risk-based to fortress us served March capital primarily book total in and environment. XX.X% XXXX. capital X resilience generate
wrap And XX. Slide up to on
compounded of and we to XXXX targets emergence assets track the XXXX have of on CECL The our result the growth prior to had performance allowance the rate, was the we book achieved well Prior and of are build COVID-XX, in QX. decline last return I as said, vision of ratio to exiting on tangible annual the achieved achieve tangible of XX%. the three quarter-over-quarter efficiency targets value in the Over years, the XXXX. adoption and quarters
Changes in for what intend to will oversight, economy, efficiency, to to capital COVID-XX to manage is our our difficult continue extent. the operating of robust achievement maintain a credit these targets outlook carefully Though, the as position. affect – predict and forward. a the looking it of We result prudent
to posture Although are period present operating recovery will challenges economic environment, impacts the entering and progresses. our COVID-XX uncertain that confident of we business conservative the established services the this
We to look your to call back the I’ll forward Denny. turn questions.
