slide Thank six. you Ignacio. Please Good morning. to turn
of of Net in growth provided well for release, Non-interest from the variances higher income million to was fees press income investments mortgage the income and As by securitization quarter. held of BPPR These decrease the unrealized detail were banking usual from in additional of million quarter in Income interest higher on impact days $X variance offset a by driven related QX, earnings with which driven at to $XXX from income service $XXX negative million, and under $X lower to credit in mainly $X loan last by higher mainly million This contingent premiums. variances investment fees, due the lower insurance fourth the equity fourth was The income The purchase PB, PPP transactions and decrease a offset activity seasonality repayment by X $XX by securities. million loans $X gain related from that to the fewer were as quarter. decreased quarter year. happened from in along somewhat is by balance the and in from lower income debit million of the other slide activities Today BPPR, of card the resulting million lower lower, was typically commission million. PCD and the activities was volume in higher appendix from partially lower QX. deck. $X information method. was as
the in This lower were $XX $XX We a $XXX continue million in the million. was provision average was the of $XX level will decrease from The than a quarterly income first that benefit $XXX $XXX for fourth non-interest Total of quarter million three driven million operating to QX. expect quarter. quarter, factors. the of the by million million. expenses benefit to recorded was be around This
with decrease credit expenses card advertising, seasonal First, an donations expenses primarily rewards. million $XX charitable promotional impacted business in and by associated lower
in sundry -- mainly losses decrease a sundry label $X by QX. million driven related $XX an in card other taken operating to expenses losses lower white losses undeveloped million by property credit and the on permit termination Second, $X million of contract in
is million $X in mostly driven by million, a million These credit payroll a and decrease intangibles to to decreased $X incentives a trademark a Finally, of the $X by and seasonality due amortization that card partially by taxes incentives in in increase million compensation increase volume were as write-down offset in fees. higher employment well debit QX. expense in of commissions, million due professional $X and lower $X in increased as in processing part increase cost
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expected course, of below in to try will, of expenses. We come this level
tax taxable-equivalent FTE margin in three by X.XX% income yields to QX. was by we million, points million X.XX%, rate increase Net XX between to in improved higher margin rates. to Please driven to fourth a expect portfolio Our on the by Net basis basis for effective was NIM higher market an on XX%. The a effective XX%. primarily was $XXX quarter. basis, due basis On and asset decreased was In and three basis. turn the $X seven. of investment compensation interest slide points be the our quarter than increase interest XXXX, taxable-equivalent rate tax XX%
to XX by upon lower decreased during was we XX% of fees by due PPP to in $X points of the recognize portion yield PPP of quarter, $X.X of amortization. yield was U.S. lower in million. portfolio billion. money income driven lower for The to loan decreased quarter balances. this FTE by portfolio average while The down remaining securities recognition was The quarter treasury most $XX compared balance X.XX%, balance second and billion the The QX prior forgiveness balance the unamortized QX. in average the QX investment the loans expect of from outstanding increased billion, During which fees XX.X% is $XXX of quarter. in $X.X by market of to million, PPP $XX million basis
Excluding in public quarter. deposits, deposit balances billion grew by $X.X the
a the decrease first deposit $X public of end the billion, of of billion from quarter, $XX were roughly QX. As
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to XX change funds basis would As quarter. to fed in of X XXXX, point X March each in million NII per correspond
in at for portfolio despite PPP, commercial higher million higher of million and and in the balance to mortgage in loan extent This runoff Rico. auto Excluded Popular continued loan offset These loans. a balances were Our balances balances $XXX by Puerto part by a lesser $XXX loan grew BPPR increases of in balances ending personal Bank, the and construction occurred reflecting PPP loans. $XXX by loan decrease million. higher QX, increased increase impact
encouraged are demand net BPPR by occurred growth earlier We than as has and credit for PB the at expected.
of remains Capital the so strong. liquidity. take use yield our and to advantage of the continue to continue Please evolution exiting the evolution the to of slide eight. the credit turn the will levels of opportunities improve and extend can to economy We we
by $XXX program, driven valuation to of by on QX quarter investment The billion of compared declare decrease impact equity was rising value in common unrealized securities was four QX. stock income and repurchase result our million. into in will the lower partially on or higher have entered $X.X interest share capital was net debt quarterly February million Our mark-to-market Tangible for corporation factors; the rates. ratios. XX.X% tier the in losses accumulated a dividends. share ratio an sale, of book XX.X% a impact The $XX.XX X in $XXX available upset per quarterly XX% not of This accelerated common our portfolio regulatory the as
is the a the value, fair should intangible large be book portfolio value temporary. this investment decrease While variance in of
And treasury is years. The as portfolio their curve bond few some cash to investment volume down cash carry have to Despite credit the comprised converse large has into balances. to position over and of zero. of and we portfolio a scroll investment risk. extension the securities, portfolio minimal the entirely last agency the down quarters, duration par approximately continue of mortgage-backed which the mark will four yield Our fair
extension would into the in tax environment. Continued lead this markets higher of and interest earnings available investment to effective improved rate portfolio liquidity
the tangible on in return Our XX.X% quarter. equity was
the on of reduction a of in program $XXX final the we equity depend shareholders close price scheduled ASR, result capital ASR accounting recognize $XX the treasury million shares average the during QX. will of As the as term in to stock treatment and million the of in approximately a The surplus.
$X.XX this Our of as result in by a increased QX EPS transaction.
The schedule announced transaction Our and our XXXX later stake from Popular's planning capital approvals. the the of result to of than the subject the in is capital to actions XXXX redeploy webcast. Evertec net an regulatory closing our gains should sale of intention announcement no January expected
now, closing for the of is expected still midyear. As
our over manage future remainder capital continue We will periods. in to to opportunities that, the explore of and for to turn With I'll the structure Lidio. XXXX call
