you, results. fourth Thank attention Good to your morning, quarter Chuck. everyone. Directing
with Slide X. start Let's
quarter For basis, a on on to from the share earnings and the earnings in X.XX% On an tangible ROTCE. adjusted isolated charges, per consolidation ROTA, adjusted $X.XX quarter. X.X% tangible were a per return and and which assets, fourth quarter equity. fourth M&A XX% on third GAAP XX.XX% we adjusted On basis, basis, common results $X.XX GAAP on excludes return a was adjusted reported share increased $X.XX, expense an basis,
$XX.X an common our quarter’s per to target equity XX% value our worth As would tangible increase last grow it's share equity asset ratio $XX.XX XX.X%, from was an if Tangible on be on we of to efficiency that continue book base, return to XX.X% adjusted $XX.XX, mentioning increasing originations tangible XX adjusted of this quarter, Commercial The in basis to a quarter. million X%, annualized up capital positive to basis the the decline increased of ratio from the an the compared common of X illustrative fourth quarter last was XX.X%, third increased to impact in in quarter. from an points basis. XX.X% tangible cost had prior quarter, quarter. to the was basis on in quarter margin, fourth during compared adjusted quarter. XX compared $XXX.X a to Lower third XX.X% with and our on XX.X% the points to deposits million, prior
their worked to year borrowers AUM support the strong with only in $XX.X original qualified Nearly build While loans. modification strength through impressive just And that year-over-year those of accommodations reflects on to results growth that loans navigate total the to management a remain of wealth with to continued The throughout program. of of revenue. growth, we've some this to well maintain closely have we difficult pandemic, can our payment that borrowers team continue terms. At a the conservative X% on and AUM kind million payment That's demonstrate our saw pandemic all total their end, economy. million posture, loans XX% businesses year. provide $XXX help continues resumed
Lastly, is northeast. Florida. from continues in States relocations, warm footprint the Seacoast back added its and taxes, flights lower showing corporate will affluence United primarily the and felt change particularly state from economy northeastern South The easy to of population to the Florida benefit slide tremendously we and remarkable a benefitting Seacoast weather to The Florida shift the expand. the throughout as
loans dropped $X.X margin increase, prepayments we by lower X.XX% the with made increased million decrease $X.X both lower the PPP offset in and deposits, X, decreased to interest fee recognition that from Turning are in was the be the purchase result X on relates to excess basis in yields A align forgiveness, loan our the contractual excluding and yields the the loan quarter. of also to $X.X of will $XX.X still million. points. additional resulted securities securities elevated the PPP net fees. benefit in higher into in to some that of in over revenue, and of or XX in net primary The in to driver, by points million prior of loans and of of of the PPP liquidity continuing change and fourth effect Slide life, portfolio, remaining securities quarter as securities deferred the recognition recognized the million The which $X.X sooner deployment fees with loans, was fourth Of We have which the the forgiven. contractual to discount, the interest loans maturity PPP sequentially, quarter accretion basis began X.XX%. million partially costs of income PPP
the continue quarter from effect of in cost XX the XXXX, loan XX the the to acquired third and of the margin basis to purchase accretion basis points XXXX. discounts expect In the points deposits quarter. fourth interest first on in decline quarter portfolio, in to loans net on compared was of We
of accretion Excluding point the discounts, to and X PPP effects basis yields loan purchase X.XX%. of increased
PPP of net the continue Looking decline modestly and to interest XXXX. half in accretion excluding we expect ahead, loan will purchase margin first
continue of we of to expect effect lower funding offsetting Given the though, during the rates excess effect see period. to that liquidity,
quarter, to securities $X prior an from the increase $X.X non-interest was or million, the income X% of $XX.X Slide gains quarter. X, Moving and year a or million previous excluding decrease million from of XX%
low with real from on housing the Florida highest $X.X delivering to and million and business benefiting quarter also interest rates. see consistently million $XXX and migration a under The banking with our team, in strong million said, new capitalize foundation is from a mortgage a the AUM $XX we've quarter total That to our million. activity. and is on record teams continues housing refinance $X.X strong estate fourth market, trends in quarter. strong the revenues management, we low revenue market the service population Florida with in do rates And professionals, remarkable of was in of local third That slowdown Our built wealth have levels. assets additions experienced for who management fourth down bringing
results impressive quarter. wealth driving the debit to Both an the million, was deposits During million year. year Service by third of AUM compared record average interchange full business achievement. record the customers to cards the new at to their million, and balances. maintain the customers an In increased charges consumers Interchange on accelerated team continue a Seacoast $X.X pace, million full $X.X revenue higher for XXXX, XXXX, in third $XXX added quarter. used compared $X.X
income the in first non-interest Looking quarter million. a ahead, noting enter to of we quarter, mortgage $XX $XX the million we first be approximately range expect lower as the to pipeline in
expense, of originations. million Moving and from adjusted and accelerated quarter. professional the $XX quarter, reflects on of marketing improved million. prior compared all million below of changes million totaled $XX increase an with million fees million other recovery decreased we expenses during expense and Addressing higher also incurred economic one-time our includes an of just impact non-interest expenses and on legal $XX.X quarter properties. relevant foreclosed of to lower $X.X benefits reserves expense, property in XXXX. third for quarter. the The decreased decrease a expense expense and loan a $X.X unfunded largely in deferrals by production two segments. salaries other declines Other to to recorded value Legal related a X, reflecting release Slide commitments, $X.X the range the the lower due adjusted to forecast mortgage certain during result of associated guided in reflects compared Also decrease to $X.X third of costs commercial OREO Within offsetting the the impact basis, million,
focus and on our ahead, Looking in to cost and investments operational expect key talent technology, efficiency. maintain of banking, we commercial discipline areas acquisitions,
assets $XX.X first to of the amortization million excluding to intangible quarter of $XX.X in be We range expenses, the expect million.
taxes. the seasonal first reminder, a quarter associated the of return payroll As expenses with includes
fourth Moving to XX.X%, XX%. year the ratio to adjusted efficiency XX, below the exiting quarter Slide in the decreased
ahead, make investments growth driving key talent, Looking banking of we to in commercial and expect moving areas technology forward.
XXXX expect ratio We the be year efficiency low the full in XXs. to
$X.X to XX% XX, increased Slide to full year billion. Turning loans for outstanding the
Excluding fourth in of in including of $XXX originations in $XX to the or quarter-over-quarter PPP to million increase X% Loan $XXX million million, loans, total outstandings the by an $XXX quarter XXXX. increased decreased quarter, million compared during fourth the third quarter commercial.
processing economy. fourth PPP started on the forgiveness of as increased relationships the maintain to fourth $XX our can loans of were underwriting, We we're and loan to remain a On focused strength pandemic our quarter, that XXXX, conservative approach PPP quarter the the in and loans, we to continue million SBA forgiven. demonstrate seeing applications demand, navigate during
by As now week, forgiveness is to-date of $XXX SBA this over million. approved the
to As pipeline again X,XXX know, the loans for end first far, you over $XXX million for various and consumer both round. record from of million quarter’s the have in refinance was PPP of million the first with The residential to in activity borrowers The the process and prior compared slowing in million borrowers at accommodating and PPP stages trends. second quarter, quarter. pipeline time far. commercial for million increased participated the application Thus draws program last had in seasonal the a historical to reflecting $XXX in In decrease $XX third million, from who January, so $XXX line borrowers we new compared pipeline quarter of expected $XXX fourth approximately funding $XX levels. opened
competitors. high to our purchase continue positioned activity, continue is well Our to and outperform benefit levels markets from of team to
XXXX. the expect loans the second and on in accretion economic takes excluding discount PPP growth half slightly hold, The recovery forward, X.XX%. Looking to increased return we of assuming levels pre-pandemic to loan to purchase of yield
slowly environment. in in assuming to add yields XXXX, yields, the lower the loan with no expect decline half change We modestly of first on rate
Turning XX, levels highlighting the exposure well regulatory diversity concentration and our Slide of below to guidance.
exposures that our this posture prudently. to confident our conservative is in are us We established continue intend and serving environment, we well to manage credit
occupied estate loans by classes. in lower of Approximately portfolio, of with is equity XX% of our borrowers producing broadly meaningful the commercial of by commercial represents across comprises real portfolio Stabilized commercial XX% is distributed is The have asset investments, and XX%. secured estate estate portfolio real portfolio estate Our and residential commercial of value. income XX% the various loan estate real real real represents outstanding, LTV owner XX% the their secured to that average portfolio.
have XX, loans capital, to are continued lower construction most consistently have and group. managed portfolio At and than levels guidance. For XX% to years, regulatory loans peer our land and Those keep of December real we commercial estate our development risk-based XXX% in respectively. that below well and represented decline
is categories, an broadly loan $XXX,XXX. size of Our commercial across with and loan under diverse just distributed PPP average excluding portfolio
Since at Turning payment Slide along with our customers short the industry, XX, term March, loans to payment for we last deferral look entire a programs. with with accommodations. supported
billion $X.X these from accommodations level XXXX progressed, majority contractual with payments, XX. to $XX.X has dropped of borrowers December XX loans at nearly As large the at making of million successfully and the resumed June
exposure in office of including position slide critical which aggregated the our we industries our to detailed believe at with Diversification a office medical, is accommodations the occupied, the of portfolio size XX%. declined owner category LTV Turning remainder portfolio XX% is independent of payment is look in in and have category from XX, portfolios million primarily continues payment us producing at more environment. has office professional AD&C like to properties. and professionals. portfolio largest at been collateral as loan The end The average and and office our third types strategy, That CRE this other only a active classified accommodations in $XXX,XXX, investment this Loans million. type CRE the is our for accommodation. owner across portfolios, accounting, the occupied year-end building practices, buildings. $X average construction well has quarter. in this totaled of income of comprised in The is $XXX tenant stabilized engineering including reported we
to segment of borrowers fourth have quarter. return accommodations pleased compared with the provided as million, loans. were second centers had Outstanding end making of largest with the payment that those the estate, to third case the is with are accommodations quarter ability deferral X% retail million very has Our our payment and every end retail $X.X shopping the only category representing businesses, the real of typically multi $XXX to year. only payment in contractual nearly total local dropped during assisting of the in day We're positive and many of in at impact the efforts to payments. These
the of portfolio our of the payments, theatres know, in mall does contractual average and the also returned with been only pleased portfolio reflecting you movie size and to value entertainment We've $X.X the strength borrowers restaurant retail of and loan making the loan not secured majority across with our average of include real very hotel our outlet is are XX%. The The million an primarily regional the average retail is the XX%. portfolios, performance LTV malls, As complexes, venues. and portfolio. or where have restaurant with operators lower hotel estate, large leverage portfolios to
no from benefit weekend Our hotel and is travel, arteries majority and our where beachside diversified. restrictions. is The exposure of that are there well occupancy major interstate exposure along
not center or theme little We do facilities. conference exposure finance and resort park in have locations
loans. is have to In none under modest and $XX owned financial commercial exposure loans, portfolio, payment look million end loans worth largest payment quarter detailed with marine a fourth Turning holding million this of accommodations. the third of at for total and to individuals quarter. the financial end Slide from XX, in net active and and of commercial for a The $XX vessels, accommodations by high at the which our at more declined total X% for represents companies the aircraft of the
and to XX, the XX slide securities Turning portfolio. for
basis prepayments by at decline an average the yield life of that points. purchases Market additional faster bonds have grade on and down increased, million. down We're in this mortgage made securities, and agency gain years. in bringing yields we'll rates backed roll mortgage $XX.X securities, X.X curve X.XX% XX over We an extension approximately average add With investing portfolio backed of across values carefully are on of little primarily four year the quarter unrealized risk the net an the to period. and
we to in will first forward low much to how expect cautious Looking fourth back quarter, the portfolio duration we're given invest approximately to $XXX to put the being environment, million, and quarter and yields cash similar historically million $XXX with the rate activity. on work this to
XX, quarter-over-quarter points. lower million the quarter, increase an X XX and the an third deposits to billion, basis of XX% by of Slide $XX to year-over-year. $X.X Turning deposits $X.X or was points to outstanding were basis and increase XX billion Compared cost of
deposits to decline first Looking ahead, to cost we quarter of the XXXX. in the expect continue of
losses, the X.X% quarter. cycle. includes estimate that credit excluding down the of some our lifetime reflects prior loans PPP loans, loss is Moving credit under Coverage to through on allowance CECL expected expectation from which into will Slide our the losses in slightly X.XX%, migrate XX, for
allowance. have of over that as under earned in prudent $XX.X what to note, loans that Also of life separate Note, is $X.X we have be those unfunded discount In of addition commitments the also a million obligations loan reserve to a purchase an our million. we adjustment yield. level of feel will
XXst. of primarily of non-performing $X.X loans, charge-offs of to capital charge-offs by fourth Turning of comprised total XX% number decreased quarter individually those small at quality, Slide of commercial loans level were The based representing total asset $XXX,XXX. million, in $X.X X.XX% were $XX.X XX on December the and Criticized This million. of million exceeded to a loans risk loans. none still was
third borrowers quarter. to of upgraded we ability several full to out loans criticized payments, deferrals in the categories quarter the the As able were fourth expired to were and see demonstrating return making
XX, appropriately loans X.XX%. We continue and credit and are excluding allowance approach to The is down for coverage slightly million PPP at remain an $XX.X is to allowance taking to overall conservative cautious losses December grading.
We have guarded continue economic and the timing outlook recovery. to a of the of full view a
estimate SX be period. of allowance way still where more our recession over could to moderate the sustained So scenario, a the characteristics the extended significant downturn gives Moody's
revisit this assumption to continue in of evidence will XXXX, recovery We the as materializes.
and the X ratio on increasing equity increased ratio the per standing strong, X% based XX.X%. to of The is XX.X% capital resilience. XX, quarter. we annual over annualized. adjusted be driving risk growth sheet per have commitment our rate asset value consistently share XX, to Turning over fourth wrap peer Slide the XX, prior highest and Return in back the of December Tangible our positioned of XX% a common ratio maintaining each on was quarter, To $XX.XX, group. fortress to the an looking creation. share been to a third at when today, And us Slide basis. of Tier compounded on to tangible end was achieved capital beginning equity at in shareholder our tangible balance book continues book XX% to long position has nearly the an value for increase from common was XXXX up has tangible The capital the among XX%, tangible XX% and quarter, value total
your to posture We Chuck. call established, I'll that recovery our to will conservative back the We are as well over look efficient progresses. and the operating turn questions. serve confident model forward us
