results of $X.XX EPS impacted Chris. the and and led now a X.X% quarter, of prior XXXX the a including number million acquired detail. you, will I diluted XXXX to quarter closure loss during business incurred associated by two $XX.X branch of non-core were related reflect X.X% Fourth decisions results. sale of negatively the the quarter cover $X that small quarter of more GAAP in fourth net approximately fourth Thank in and merger. results income fund investments costs in million respectively the Blue one-time million Hills million with a $X.X quarter's to of decreases from on decisions $X.X of
current Although I further into were quarter the shortly highlight further core To factors, these provide the future of context decisions profitability. negatively impacting I will the would primarily of drivers made quarter to additional business following strategic earnings, results, fourth all which improve color provide into.
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above tangible select primarily the with decreased activity of and our of margin incremental Fee to to NPAs, charge-offs minimal with quarter. of initiatives. to positions, The loan on led expense line no workout due notably expenses of in strategic well. for of on common and deferrals results. income return increased costs in provision combination core to results loan costs a funding return expectations the this Effective risk addition, credit quarter. with change hedging noted of for level combination significantly one-time as equity assets consistent combined associated the non-performing Also, and the respectively X.XX% led assumptions and fourth assets management In pricing drove zero large were XX.XX% certain multiple declined the significant items and
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C&I commercial industries. opportunity, quarter in on Focusing side, real multiple in the balances. and of was with notable across first estate diversified an C&I despite commercial continue to X.X% both find basis environment we the challenging on of increases annualized growth the pockets
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across On attrition XX% holds significant portfolio continue quarter the home dynamic home the increasing true consumer closing volumes, quarter, balances, to growth. the terms to equity of that both significant the the headwind percentage continue a third create environment mitigate from low continued elevated also closings well. mortgage however, net persistent the in Despite and we increasing retained in has rate in outstanding in across to as fourth a the of see side, mortgage portfolio to XX% equity
of third strong flow fact, total in another fourth million over of quarter. the the example represent activity In closings equity volumes, of home XX% quarter quarter $XXX increase
the In to fairly solid has remained environment in addition all noted the segments, across loan consistent closing the activity fourth quarter. credit
proven decrease our of loans loans of to full and non-performing to the that in were interest resolutions relationships $XXX,XXX XXXX three managing loans on million has disciplined have credits levels. referenced approach meaningfully had release, reflects Appendix subject or work the net that the previously The over into as non-accrual third Also quarter those including last compared overall income been of to quarter. non-performing one of total have decreased and very prior payment Both the approximately previous decreased out during the effective proactive X.X% earnings to with charge-off moved two Our in of deferral deferred. to assets problem large effective X.X% be of three December months. from future of in $XXX total F status quarter, XX,
approximate have certainly longer And are we discussing pandemic, improved been as deferral approved $XX these there related picture In the addition, accommodation deferrals in impact continues of these maturities, to operations has as with or a to where of business concentrated deferral portion we are expected deferral heading the expected. the deferred additional business their deferrals, recent over be likelihood those million into so these subsequent longer. been in relationships some extended of remaining of periods assessed close XXXX. over industry an not final align in the of flow the cases, numbers. the seasonal cash the entire current of that we $XXX to Leveraging impact pending with acceptance companies, is time our included have the for are Despite into or XXXX deferrals assumptions, have that million exposure balances expectations to operations and with
the the pertaining make at amount a longer-term agreements of payments the quarter However, development portion prospectively. previous that matured the there in of positive end portfolios interest the has on minimal deferral close deferrals, is pending of all consumer and an to have important deferral to fourth a resolution. those of agreed and And deferral exposure instances to the borrower loop reflects
As work those modest customers, quarter XXXX. the we we first anticipate continue of with some amount in result restructuring a debt to prospective agreement in will
the with This in X.XX% consistent a along when a fairly allowance in at reduction level in loan losses methodology noted current fairly Given for of our of loans quality quarter. current fourth the XXth loan quarter prior to compared quarter, the as metrics result application loss reserve fourth percent September the X.XX%. modest of from assumptions a the just forecast in for to asset in resulted provision zero improvement economic
been which those that has during the million be deferred of originated paid prior $XX net in XXXX, program, to fees As of as we forgiven or loans off. I with quarter mind year, another this with we loans loan this loan on the associated calls, quarterly basis be PPP $X.X wave, a week. occurred a the PPP expected $XXX end which outstanding loans you recognized And recognized another update year-to-date and numbers to balance through our $X.X a into are is quick C reflect amortized million recorded certainly balances quarter. give on the December reminder, income of $XX that PPP ask will earned of top PPP fact of Relating $XXX of been million through XX, doing the million on fourth is of round minimal specifically Of the have as we for forgiveness first to approximately the Appendix the million refer million please These has income in recognition XXXX. opening to we with more detail on the basis. still
started new announced we the the with week of to bill, this and round take are December program full demand. in strong in Regarding PPP have stimulus swing applications
the long-term XX% points the of growth in with With decreased total down points growth proven cost quarter. growth deposits have prior customer stimulus Yet, and the the in this mix updates provide XX well. being while remains a no certainly household programs basis that now regarding consumer successful round rate. source and us that deposit proposition X.X% $XXX off, for value prior it's stimulus deployment growth, activity fostered will that profitability standard the of quarter, along new from been provide progresses. the run and shift increases fourth as served categories reductions as cost in short continue to deposit in to our core to positions and attracting story. of that relative annualized We the of secret reflect favorable very fourth it total deposits the and our reflect on to another the core It's strong. quarter the across deposit related deposits behavior million in quarters, core question to challenges total does no It's in higher industry a quarter, liquidity that increased liquidity, reaching deposit - excess have X primary time fourth existing deposits continue similar further deposits deposits And With to basis continue balances term rates, metrics.
deploy levels cash securities to remain. fourth our borrowings did of quarter, Federal during balances the increase Bank we some pay and liquidity Home Loan down excess While position high
curve net that excess investing, cash asset margin position the of results. With has on and significantly the yield long-term interest constrained return the limits attractiveness medium and
metric, aforementioned third by points basis reinvests been core of When previous while X.XX% excluding have the quarter the Regarding our prior purchase workout mitigate relationship. excess quarter fourth in And the for of Appendix flow benefit rate driven impact. from to items, as liquidity, decrease asset latter as margin noted net able the C in to loans, the quarters, in the PPP the compress lower quarter core X primarily yields overall X.XX% earnings the margin point cash other quarter in reported of release, environment, increased effect and one-time funding this a the interest X in accounting non-performing margin into basis core guided accretion from continue and $XXX,XXX the margin. to as reductions costs reflects
to Turning items. non-interest
highlight We a few items to key the quarter. note will for fourth
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money outflow XXXX. market billion of exceed levels third of XX, under the of activity total quarter administration performance. majority $X.X Chris continue management, mentioned, to strong inflow with billion quarter the from increase as fourth wealth And Regarding attributable $X.X increased new assets as December to to
as mortgage million total sensitivity managing interest appropriate position, decreased elevated at earlier, on significantly as the plus quarter. an increase of income a derivative volume portfolio production set banking $X.X levels income narrowing continue we spreads the fourth in also previous on mortgage the from balance high loan with significant move banking quarter our to a the a into quarters. rate in And level continued find noted record sales similar experienced expected, closings decreased As note, last from throughout level over
is income including the tax Lastly, realized investment activity non-interest gains of securities, in business. tax year-end, credit other comprised various a our income exchange purchase and unrealized items in number Section equity XXXX increase on strong from of discounts
large two the will alluded improvements $X.X primarily that accelerated of the The increase to made termination first. the was in cover impairment of lease leasehold expense, one-time two reflects million and to related lease attributable quarter. non-interest decisions fourth to I earlier the Regarding write-off total costs branch closure items
capabilities. balance current When in management, invest committing two continue strategic expense to last this priorities over is software loss increase Blue we increased in on these costs sale but continue been continue the a our view as investments fund the excluding has brand incentive Hills key franchise consolidate quarter, primarily to while strategy funds investment to the in value, of the define of we digital the management million opportunities were credit look appropriate As on discussed certainly consulting non-core to non-interest expense posed that efficiency. we to a the where The and loss additional business drive further compensation, cost to sale incurred remaining and drive long-term overall fees component risk for environment. controlled obtained of term. infrastructure small reflects $X.X that of type six is million in of This investment near formula of company items, a $X that acquisition, and comprised we'll will
fourth was with line the the quarter rate in XX.X% of expectations. tax Lastly, for
an yields, the the liquidity of look health impacted crisis. out pressured to that economy be health uncertain. to asset development the the profoundly national of continue deployment significantly the sorry, of headwinds crisis XXXX, will national The into by we landscape continue face in the industry excess high will As - remains
the we variables over XXXX some of want over expected many as year, guidance While over activity term. impact to the results to provide to business serve near key the expectations are course core
of growth PPP meaningful balances. pay XXXX commercial approach $XXX as into commercial over in growth XX, continued to remain net continue is in based a pipeline loan strong the expected in risk approved of to Excluding activity, anticipate the with portfolios. down activity million expected activity of an opportunities, modest total closing we challenge will consumer any persistence And XXXX, while heading December
recognition Regarding the to and volatility some continue level timing create PPP the on net liquidity interest in margin. fee margin, reported will excess of
will those low the experienced to factors, into reprice two assets in continue impacted rate core as last continue asset to similar yield margin Excluding anticipated expected an quarters, be to impact by compression, environment. the the
that compression However, should we believe core modest yield level further the margin of net term, compression. a continue resulting reductions some in there mitigate to the still base is near in the asset in deposit
excluding activity charge-off loss of fee of XXXX fee continued demand some down quarter we'll large XX%. comments no my margins presence, the open should economy income, up for the XXXX out entire continued credit losses enhanced XXXX experience loan of XXXX. in growth organization and much environment to continuing This And impacted element that overall gain digital building back lastly, reserve historical to methodology regarding in questions. quarter investment with to noted. build With results is reflect across results assuming provision initiatives, in fees should commitment noted, an And our expected to credit swap reflect largest expense to we is being Alternatively, revert were to risk rate items to the stabilizes. more macroeconomic expected our posing expanding environment while efficiency stabilization sale posture into it with the result bigger are negatively for forecast, the and heading risk-based our correlated our tax of with on words, and positive management fourth ultimately will for loan picture previously changes normalize investing to the infrastructure other remain fairly reserve Worcester from more to previously as to increases In expected. uncertainty, total drivers in our the our the closely primary and lead levels. losses strong the now the levels, of expected expenses of to to a costs consistent loan and income challenge Addressing material if core noted expect the levels reductions concludes allowance mortgage deposit one-time the fourth approximate customer
