us on of Thank you Ned. joining Good in XXXX the first for you review call morning our more I'll today. everyone. Thank detail. results quarter
unchanged X%. million margin net first from compared the quarter. share diluted penalties increased The compared $XX.X quarter. $XX.X and in totaled income quarter. to net $XX.X $XXX,XXX Ned and Fee X.XX%, was the This modest $X.XX last or $XXX,XXX $XXX,XXX As the for interest fourth quarter. prepayment by $X.XX was Net income fourth up mentioned, per from interest per or income million from million to share was
as a loan rates were by were securities $XX The up million. with interest-earning increased average quarter by during Income the million Average affected quarter $XXX linked of and in decline balances investment balance average assets by up $XXX were by QX. while the million, on LIBOR basis. compared margin average
yield by on points from market rates. interest earning fourth lower to XX due decreased basis assets X.XX% The the quarter to
X.XX%. On by the increased in-market while by average million side, million. $XXX interest-bearing to funding liabilities rose funding of the deposits XX $XX points of wholesale basis cost average declined by The balance
the comprised of a Non-interest million or $X.X revenues million revenues million, X% asset-based revenues or were in total in amounted administration or management $XX.X of by Wealth fourth the XX% partially to line assets XX% from in in million, X% which $XXX,XXX. revenues first decline quarter the balance was $XXX,XXX or the tax-related $XXX,XXX quarter. revenues to up was income down asset-based $X.X by of due with decreased which decline The seasonal by $XXX quarter. average offset under and during X%
$X.X the XXst the mainly as million March or markets XXst, The down assets totaled from quarter. period billion, under administration of and in of December result end $XXX XX% financial late balance decline a in
million a sales high. $X.X The of increase the held sales a increase quarter, and in reflected offset was The fair yield corresponding market. or commitments loans million first mortgage in in volume and a for March pipeline the value totaled record in increase partially sold quarter loans of of the revenues and XX% $X.X by banking mortgage the mortgage linked lower loan Our secondary an increase as XXst. on sale
the first totaled Mortgage million. $XXX of by million loans XXXX, $XX down sold in quarter
was almost pipeline was $X.X in quarter. derivative QX. the first income $XXX to end XXst or the million $X.X Loan-related approximately origination at since mortgage by million, of year. by the up Our million amounted This March from up XXX% XX%
me million linked change from of The was up quarter. couple to Total items. expenses. by quarter by turn let noninterest the $X.X expenses or a were fourth impacted Now, X%
a a in was at This remains quarter, non-interest included expenses. end $XXX,XXX, first and checks of approximately drawn established In account. to potential customer's commercial this contingency due a of reserve associated the loss and other counterfeit investigation on March arose the with under largely we item
expenses. These in all fourth quarter, of was assets a $X OREO FDIC and classified assessment fourth recognized. XXXX. in recognized on the credits other utilized quarter, of write-down In the fully other in Also were million adjustment an are credits excuse $XXX,XXX -- me property in
for as million salaries reflecting Excluding expenses in expense. as the items, well $X.X and non-interest quarter linked impact or these the increased expense employee a first services X% benefits quarter on outsourced of increases basis, by
by associated in benefits reflecting third-party derivatives. calendar expense million, were was year. the processing services resets the customer reflecting of with mainly Outsourced from and increases and increases up volume-related Salaries start tax to payroll costs up preceding merit by $XXX,XXX the $X.X new quarter, related
rate tax prior effective Income the was currently expense the XX.X% tax for tax XXXX. $X.X quarter million expect for for the from quarter. XX.X% the for be down first rate totaled to We effective quarter and XX.X%, about our
total were or X%. included X% to Turning $XX and quarter $XXX compared ago. to increased balance during million $XX million or year a X% up million sheet, by million. up $XXX the by or loans December by the Residential of loans XXst This purchases from
Total first C&I commercial in by quarter. million increased by real The the commercial million. $XX up and $XX the X% were loans by increased $XXX or portfolio also portfolio million estate
equity line Included since of and $XX a commercial year-end. than advance, home commercial flat single advance for significant was both utilizations that million. line in C&I one Other are
XX% and mortgage-backed quarter, securities. or agency by were XX. million, CDs the at securities were million brokered Wholesale March In deposits by borrowings total by up and quarter Total up of from by FHLB were up million. first $XXX market In from up X%. or $XXX were $XX the the $XX we year a X% by of X% Investment represented of million, million end $XXX securities ago. purchased or assets $XX million,
earnings. of asset XX. allowance Turning $X.X $X.X loans the in day resulted compared for million, These CECL after-tax with chose to proceed and quality, decrease a This to to QX. or we in of transition one to XX% unfunded December increases for million adjustment million a retained adoption $X.X the to resulted as in commitments
COVID-XX. losses published first this an of the million COVID-XX earnings. the March We XX modeling. economic significant to of unemployment in used $X CECL for for our for million economic forecast $X Approximately provision a the change baseline quarter, attributable to was In on to credit charged rate Moody's due the scenarios adjustment forecast was
what to and severity able and related initiatives remains pandemic the of regarding mitigate credit extent it uncertainty the effects will unclear Continued future to economic and governmental duration losses. various is be
This one Non-performing large in as assets a was of from declined essentially partially end our $XXX,XXX a by decrease included QX. loans. commercial $XXX,XXX $X.X at the offset This breakeven. increase sold property in we million non-accrual OREO, by
of or were points of XX due to loans, compared compared year-end Non-accrual loans to XX days total loans loans basis total year-end. XX points past points and at were flat basis XX basis more
compared $XXX,XXX XX of QX. loans basis credit of were recoveries million or and on charge-offs losses Net And recognized the in NPL $XX,XXX allowance to points XXX%. provided $XX.X in loans coverage total of of QX for net totaled
Washington since of a risk-based Total of $X.XX a shareholders' equity April quarter up with on first total million, by and Trust and of was paid year-end. capitalized well share was capital assets ratio tangible per X.XX% declaration dividend $X to $XXX XX.XX% equity tangible million remains ratio our X.
and loan we where to concerning stand our like portfolio, assistance COVID-XX exposure customer provide we some details our overall some I'd Finally, in where see efforts.
year-out secured credit and has local simple, a Ned portfolio year-in of standpoint. well we As loans that a performed have from noted, and
quarter, and credit will note have no estate tables we commercial real and added loans. our auto or you This to exposure C&I segmentation we that release, student to cards,
or as $XXX mortgage March Loan or that $XX CRE C&I X% and X% or consumer at million totaled $X of Friday, of million X%. $XX of of X%, million outstandings, outstandings. portfolio, deferments million or includes of X% $XXX real of of estate or million commercial This
make a I'll our Taking deeper and million multifamily, Office $XXX half start at commercial two up with portfolio property estate. and look the types. segment between of totaled data, almost real
be properties footprint suburban Our tend for smaller to tenants.
total here approximately and properties two be is of of solidly term. X% deferments segments. multifamily any and short these are Closed top Our to likely located disruption quality
totals anchor this about million about within anchored properties XX%. XX% generally The --strong makes have grocery outstandings. retail strong segment national Retail and up our chains store often $XXX tenant total closed of tenants, deferments and
LTV is total made smaller underwrite our and largely outstandings. up in an makes or less, estate our of national is this commercial $XXX up at real XX% Hospitality million, We about properties and with portfolio X% flags. of of
deferments loans. have closed So XX% of hospitality of our far, we
We have completion. appear are both two opening for to track for year properties planned next under be on construction that
or Health X% million and about of CRE. housing of care senior has total homes. outstandings total $XXX is composed of nursing This
X%. be disruption continue deferments sector will Actual this this housing, to there expect be senior short-term in will attractive. that we are While at point
drawn. then And are currently XX in there XX% in commitments, finally about have $XXX loans with construction million active construction, which been of
shut COVID-XX. to of projects part proceed. have the most these we expect projects For because No been down
will so We generally get equity. significant yet have occur any upfront cash from only deals preceded by that our fund to borrowers,
strong have given had construction a We partnerships. never loss our in portfolio our careful underwriting and
C&I. Now turning to
dozen-or-so general have be thankfully Our on spread at portfolio in are a to a none Educational will and but makes of outstandings. energy-related. obviously is concern cash very million being total X% of effects -- which These are education be flow well across up schools diverse are the services yet determined. secured short-term industries, $XX
at deferments no have We this time.
is X% The a variety not Accommodation in in this segment and is this Over services related at to deferred. the the deferments of credit that million that deferred makes restaurant $XX up gaming and with and sector food totals food being time. XX% are a establishments. of of XX% and portfolio credit of single
recreation million imaging, up category medical and deferments X% than marinas et deferral less of are portfolio. golf of largely is sector totals medical of of these makes the dental orthopedic, and portfolio golf This $XX courses. is X% rate practices, Education the loans largest the healthcare, of this courses on consists which largely C&I consists are deferred. The and The and X%. cetera. and
of they estimated $XXX,XXX LTV of $XX million an have of residential processed we XX%. loans I and comprising As average previously X% outstandings. The deferments and size have is current these mentioned, totaling
of under SBA-approved customer Friday as $XXX,XXX. size loans assistance, other at the XXX $XXX program, In underwritten PPP had we totaling an terms average million of of
is are for We these Net $X.X have $X X.X%. fees loans would on loans about another estimated process million $XX related phase about phase fee and to two. The million. million in two average to be SBA-approved add another
And turn back I the at will this Ned. call to time
