earnings Thank income, Ignacio. for additional increase million slide Slide day million, appendix interest higher press the variances having $X.X the higher details lower was that Note provided Please information X in second $X.X the mostly Net the primarily first quarter, part million. interest an of you, the quarter results. Good turn Today’s $XXX for to a operating as offset our taxes to morning. release quarter more expenses. in X which by of added income net quarter, result second in in deck. is
public It and was driven contribution and from the consumer portfolio U.S. QX, Rico net in Puerto volumes Puerto higher deposits investment from This deposits. cost income Puerto a benefited loan in by by from part our Rico. an increase commercial in benefited larger Rico. in a volumes also offset the of In in deposits higher loan on interest U.S. higher in
number. negatively this impact sensitive Other net and at our our that XX basis will expectation to of like each will rates the recent though asset to interest point $X continue yield asset results. the million impact $X the negatively interest shape will by curve drop anticipate interest million. impact We factors lower income mix be rates of We quarterly also
quarter our charges non-interest driven the in insurance increase account primarily $X flat. was increase fees, in trust a on shortly. broad-based services. higher credit and fairly second fees, card income for including provision expand interchange service The was related by will million Lidio fees matters essentially Our credit
recorded from we rates sold of MSRs lower banking income $X.X adjustment previously the quarter somewhat mortgage driven $XX.X second This loans. expectation an a unfavorable higher of by Additionally, from million was the our by resolution amenity value million on activities lower prepayments. claims for offset resulting resulting and from the positive in adjustment of fair of
were sale $XXX of an gain down OREO expenses $XX.X of on properties. the prior reflecting million were increase operating higher Total million sequentially, expenses from quarter. million, $X.X
this guided materialized. not $XX level previously expense quarter has of Our million line for per
offset Business expenses to fees were higher technology result However, The $X.X a latter of reflecting by costs increased also that higher, quarter difference. cost in increased client reward higher legal slightly is fees. activity. program expenses. driven the expenditures Professional higher seasonal million advertising and were promotional accounting have increased consumer regulatory in other primarily and
expenses average have personnel beat and be driven year. expenses $XXX strive Historically, Obviously, the should quarterly expectation in will mostly We progress we and our seasonality XXXX costs. Popular experienced at will to we number. technology, that higher some reiterate this increase as regulatory through approximately by million
of the quarter was included $X.X for rate XX%, year benefit tax adjustments. effective million a this from prior Our but
within was XX% effective tax to for adjustments, full year. guidance XX% our the XX% rate these our Excluding
Please turn to Slide X.
X down margin points interest X.XX%, quarter. from basis last net Our was
X were the Increased led yields higher deposits money the our in for of an deposits lower and of Total in deposits Rico XX costs and volumes down asset volume was the unchanged basis Asset yield. from quarter to and U.S. down mostly deposits rates points added X retail Rico basis asset X These to due our Puerto quarter The overall primarily basis were to to public basis in X Loan investment income increase The higher sector market to first to points. reduced costs points points our higher cost cost yields balances. Puerto points. net basis was investment due points basis mix. in yielding the quarter. and but increased corporate XX deposit deposit interest-bearing just in up
Puerto strong. Ignacio were Rico sales quarter earlier, As second mentioned in auto
grew $XX Summarizing of portfolio is versus first million in home outlook the million the Our originated $XXX quarter. and Rico business up of also volume the of $XX Popular’s skewed in origination purchases. This loans the in XXXX portfolios. Puerto loan in The million quarter second second $XXX from second the million for by increasing existing auto by quarter. mortgage quarter, favor
in We the Puerto continue U.S. to growth anticipate growth Popular loan positive balances for slight overall growth incremental in in slower Rico but and with XXXX, in
Please Slide X. turn to
to remain levels well with as capital to respect well-capitalized regulatory banks as strong Our peer mainland requirements. relative
our quarterly and which from gains book common The Equity preferred offset $XX.XX And income Common value ratio higher Tier more $XX.XX. and XX.X%. from was than impact to investment per by driven portfolio, in XX.X%, up on was our by increase of $X.XX the the dividend. Our share tangible the quarter increased realized net X
will target our We to equity. returns of continue pursue maintaining and our on tangible double-digit improving
XX It the April been basis, Earlier limitations this of of things, final will issued certain assets. tax capital would rule agencies effective that to CETX. a banking simplified have of impact this servicing assets other of XXXX, will Popular’s On the also risk mortgage allowed points regulatory June of regulatory and month, basis XXXX will tax deferred reduction forma a CETX. the the deferred XX, certain increase assets at rule approximately Among pro amount final as federal rule relax X, weighting requirements. a the that be on certain on the
capital are estimates Finally, estimated some effect and allowance position to regarding still but on the third share an we our still hope quarter. a CECL, share to in not in
the With turn Lidio. that, to I call over
