PPP points interest fourth forgiven were income was Marty. and Financial XXXX, key the $X.X fourth Good areas first I'm the result to PPP forgiveness in million you, amortization first XX quarter and the interest with $XX first the linked million, loan regarding activity, the of the several Net with to to the compared of the XXXX an speaking fee comments Net of million like my call PPP of on the basis million of forgiveness. loans morning. increase The fees first Inc. quarter quarter, CFO deferred paid of loans as margin in of Approximately XXXX. included X.XX%, of Total quarter Institutions, for you primarily $XX.X was primarily fourth to was be was respectively. due which off XXXX. very than in the the comparisons quarter million as quarter quarter. during of increase process. providing to of XXXX begin from our Thank $X.X $XX million $X.X by quarter higher through quarter on pleased the amortization linked earnings results loan impact I'd of accelerated
of basis these X.XX%. all point quarter the was from up NIM Excluding for XXXX X.XX%, quarter NIM at impacts fourth loans, X
did with rate liquidity environment public over in the inflows cash overall yields. point it difficult the provide experience Access made balances investment attractive than balances basis We the quarter, the deploy to average were muted, X with alternatives inflow higher from higher is deposit the the also was in late a prior liquidity, interest impact to our continues inflows improved large of we on environment which NIM cash and very duration Since our QX, than end was low While has quarter, the experience. coupled typically late seasonal adjusted portfolio normal. period why challenges. with
we the portfolio public of will One outflows is predictable of the benefits June. seasonality have that in this have
in through to linked liquidity the a as credit nature of high deposit the to of shorter-term we deploy in Provision for the was anticipated of outflows. $X compared quarter view liquidity as million $X.X we use benefit losses So provision quarter. be will able a million in
As our first model, is were million in $XX.X a our driver release factors, the the primary the to allowance last loan from earnings Accordingly, positive which in loss loss $XXX,XXX and was in press was down benefit low Charge-offs million. decreased our due million. quarter's to at CECL of coupled the for quarter unemployment, disclosed national reserves. continued $X.X for quarter, by in $X.X qualitative trends quarter losses in release, with improvement resulting credit
customers at we've at-risk pandemic. of about small customers We commercial quarter, $XXX million. we last represent because customers the the These a specific identified loans, industries. pool of then risk be analyzed in industries of discussed approximately believe of we unique with the XX, and very most As characteristics our to balances
the assets quarter we $X.X in reserve specific During million this fourth our assets methodology. of certain of criticized population of the set for to with CECL and pool, XXXX, moved loans aside a consistent
a of reserves that million delinquency added We was During the first subsequently with on increase cautiously of specific to credits transparent, quarter credit million that resolved. To one remain XXXX, of be is relationship pool. this post-pandemic. $X.X will we related normalize optimistic these the payment $X.X
not Although total credits, quarter we at several normal in points to allowance loans the to losses specific loans from for December improvement end, these status. basis until to down seen was reserves do credits of XX. indicators credit return plan release of X.XX% paying on XX The performance have we
investments. million in highest higher volume. Income the million, on the quarter fees, up Key timing the quarter the was consulting the rates. upon from income February instruments, XXXX. underlying income were which Insurance number residential and lower of value and to derivative trades, in seasonal increase audit procedures. limited transactions, the year-end $XXX,XXX total increases which effective of the lower improvement XXXX, in positively borrower market combined expense, due was quarter, in ratio linked fourth ratio an as impact loans to of of were acquisition by for to $XX.X of expense Noninterest the swap of including in losses estate Group. which to first were sale Landmark allowance fair than audit was is $XXX,XXX are due quarter. timing higher was expense drivers Income you a and points longer-term due These increases based for the of interest Noninterest loans impact partnerships X.XX% nonperforming $XXX,XXX the of at increases professional to metrics loan of the a million services revenue with $X.X X.XX% tax gains basis the to of the compared loans, strong was typically ratio of higher XX XX, If The XXX%. and at XX.X%. of by fees, loans, remained total credit partially from impacted of loan changes offset recent on expenses nonperforming level end. $XXX,XXX year up of largest PPP down tax initiatives the income from to based $XXX,XXX rate $X.X with an due the to contingent exclude the and performance facing Credit timing representing rate was of March real loan the of interest increase was $XXX,XXX
effective higher due higher level Our of to originally tax significantly was earnings. pretax guided the than we rate
increased total are up and to residential loans in the loans. from mortgage X.X%, on business Growth Moving was was year-end in X.X% X.X%. balance PPP $XX million XXXX. business loans Commercial was the included commercial commercial up indirect loans increased sheet. X.X%, consumer X.X%, or
these with deposit nonpublic XX, to in at Excluding business higher a Total deposits seasonal due combined portfolios. XXXX. December commercial increase XXXX, reciprocal December $XXX XX, X.X% million and loans, XX, than deposits from increased March in growth public loans XXXX, were at
net federal portfolio. Our the excess to excess pressure the to liquidity reserve continues interest both additions margin balance through and position securities our
our effort by exceeds we that a yield an During the risk-adjusted investment first into liquidity the approximately profile that portfolio million on $XXX excess reserves. by income interest classes increased balance to investment have interest excess grow in quarter, deploying
current reflective low, remain yields market investment of the conditions. However,
to due which our occurred inflows balance, March also during to $XXX We deposits. the million increase latter of seasonal The federal increase as aforementioned largely increased observed public a compared reserve half the notable in year-end. of
Moving earnings. equity growth a on to our equity sheet. in the of did balance in the first We quarter due mitigated our portion strong common to experience events of couple organic that
First impact approximately the share million was of $X repurchases. of
Second longer-term interest losses in comprehensive due the of impact of accumulated rates securities on for to million the impact sale increase portfolio. was primarily of available about an other $XX our
also from TCE in X.X% experienced driven total a The at year-end. the the by given X.XX% decline our to quarter liquidity during assets, primarily We previously ratio described. growth was excess in decline
I'd to PPP has liquidity growth our current that equity past the We and capital growth just slightly due Our that loans environments. to while areas. year-end, low comfortable interest capital million $XXX most few year It I spend to of next rate note risk-weighted mentioned. the compared the first and XXXX in been given so of tangible excess assets, our remained also the down increased like overnight remain when you in shorter is with experienced comfortably investment regulatory our approximately tangible the to we've our position, increase very quarter, minimums. the well-capitalized in securities term, asset cash for concentrated is regulatory ratios position in very as have explaining in much the updating consider asset outlook above key important minutes economic was and assets, now
Although in expected portfolio, continue increase. despite recent business, the contribute impact total and loan of C&I encouraged PPP are to better-than-expected loan growth small the XXXX to in loans. by first we loan were of of PPP, categories expect quarter round in to the excluding growth mid-single-digit All the we our
respectively. of that million Our and original be the now originated $XXX we loans approximately in pipeline. these expect million of the QX to quarter loans continue $XX process assumptions $XXX at in XXXX end We applications QX and PPP $XX in million of of forgiveness approximately to approximately million first to million remaining of We originations and the XXXX, lower XXXX included range. and experienced $XX
be a first of year. forgiven heavier estimate loans of in We in forgiveness with will first continue weighting wave half the the XXXX XX% of of to the
wave we our have We forgiveness occur included second this the believe very any loans will in XXXX most not in that XXXX. forgiveness late of on of assumptions and as into
for deposit We nonpublic to digits. growth our expectations reducing are mid-single
in of the due the to midyear excluding of projecting that of the While growth growth in for we in the in guidance XXX We to elevated and deposit seen are our public new open remain X announced stronger-than-expected impacts these Star largely basis growth guidance deposits both environment, the for year. previously reciprocal Buffalo XXXX. rate year categories This now low behavior PPP. Bank We balances points, quarter moderate in XXX the experienced quarter, maintain and deposit includes the NIM to first PPP first full change double-digit have in customers. a branches interest we expect X
excess investment balances to expect lower and be as NIM to carrying continue this our new We compression securities which relative the and in lower There are guiding will will them year, securities, originations on partly liquidity, so offset be earning earning we excluding loans and the noise by forgiveness yields from of throughout deposit funding impact reprice, activity. costs. higher in PPP assets
average As our deposits where and seasonality a NIM due and earning deposit mix. both impact funding quarter-to-quarter its on to our from of reminder, public In our asset quarters fluctuates public the and fourth to the seasonal duration the quarters, funds. second the deposits opportunities are short-term higher earning our yields asset and inflows, the given due to lower, limited are invest of balances
Our growth, guidance on quarter overall securities. increasing dependent strong highly rate had gains for income first and mid-single-digit remains excluding full to NIM the on environment. are We year noninterest our a investment guidance
our waived before, charges than banking that relief more strong stated from a XXXX or results rate unique for by offset instruments fee service of mortgage swaps as of and income COVID-XX have a We the package, we year but a portion As year was perspective. part derivative for was interest activity.
are swaps both mortgage We was interest though rate quarter the expecting strong banking XXXX, fees to moderate expect fees even in waive and and both in to first areas. not from a quarter
to to million anticipate in in from continue range to XXXX. $XX range low for the quarter. expense is per to We an increase mid-single-digit noninterest expense million expected Noninterest $XX
that XXXX in the range the quarter guidance impact lower With XX% in results, which We are of maintaining XX%, our the includes better-than-expected XXXX earnings years. But bias towards expect year. we be of the a in efficiency when ratio tax a we first for investments considering QX, for effective amortization service tax within end to have recent the XX% full range. the to will of of placed performance credit XX% now rate of the
impacted and We will by tax be opportunities. positively our would continue to taking opportunities, evaluate tax credit of effective further investment advantage rate
full year low point we net to points, basis level to revising the X-basis end provided. which are XX previously our is guidance range reduction range QX, of XX Given to the a of in low of charge-offs a
operating We Marty the that As remarks. now said prepared is in achieving our overall we to provided improved and January, back in will guidance drive call outcomes. focus with leverage. I'll for these line believe That results the turn comments. my closing concludes profitability
