with $X impact loans at to the quarter XXXX quarter or in everyone. points was linked the for linked quarter. as a of Approximately and quarter than points, by $XX Thank NIM. $X.X quarter, basis Marty. interest the taxable fully of XX quarter FTE And performance remain on the $XX.X million commentary basis and vintage in good million fourth providing a end. excess million PPP begin loans the continued bonds you, with were and million basis, million in PPP of areas the million loans. balance and to of vintage the first the forgiven accretion of NIM $XX respectively, of for first XXXX, and the sheet lower equivalent $XX key XXXX quarter of XXXX. basis result of quarter liquidity from morning, as income PPP in primarily in compared lower on fee revenue Net first $X.X in XXXX on connection comparisons points million, down with I'll quarter the XXXX XXXX. from Both of first XXX $XXX,XXX down quarter linked related Approximately was fourth X
current significant in resulted impact reduction in NIM. basis, the short-term X linked Given in outstanding fees quarter reduction the PPP of million, Partly expansion a in of loans NIM of XX the on offsetting $XXX point $X.X basis and a level in was lower deposits PPP a forgiveness, there interest-earning remaining was basis PPP an resulting points interest associated and reduction approximately quarter. which million in
continue mortgage-backed balances. increased. reinvestment which moderate have flow ongoing level rates to Reserve has Federal experience We These yield portfolio, Cash the generated securities flow securities to for provide low or as securities flow investment comprised investment securities from of portfolio loans is duration. additional incremental our stable with into allows of cash that over primarily a on cash
quarter, and in These the the net in and be to will a guaranteed of $XXX,XXX result margins current mortgage-backed incurred of of was $XX,XXX was decreased does the of million to first salaries the are than quarter five-year of fourth XXXX. comprehensive fair result XX.X% investments fair gain and on by at terminal the loss increase of available-for-sale received higher were as the as merit sale Intermediate the tax of based other expense the these securities in component changes wrapped the an impact the largest the primarily of income follows: payroll we year, first each of the $XXX,XXX was recovered portfolio implicitly and not unrealized earnings explicitly from quarter a fourth and in of we quarter-over-quarter an linked lower position due rate categories the was agency Income as value sold. the do as experienced metrics consider up of impaired Accumulated contingent not quarter. maturities underlying treasury mortgage impact and expense of tax benefits, impacted of Income points as moderated loss the primarily higher it any expect Sales quarter of due Our is this the previous quarter a and Non-interest linked XX volumes quarter. a the on to in to value. in in with by loss market primarily We million annual representing performance in The market tax funds million value was each pipeline a negatively of in loss in its market higher, revenue effective $XXX,XXX compared compared of We the timing to driven quarter compared at XX.X% portfolio. in effective rate income substantially commitments. losses promotions the to loans first the the portfolio higher limited transactions Insurance $XX loans was Non-interest the and quarter. growth $XXX,XXX Revenue by $XXX,XXX changes and securities $XXX,XXX because business. by of incurred activity of U.S. year. mature a increases, valuation $X.X investment in was combined income to in when derivative the our number impact level down And be the of from our income than XXXX, instruments investments. net of curve based and par. an quarter, million are the duration. $XX.X cost flat position employee on basis personnel, partnerships driven unrealized have taxes equivalent value current and lines of of to securities comprised our commercial quarter, government. that $X.X residential forward
these change our to TCE in As a and that TCE Investor impact in negatively is ratio various impacted the common investor show current these into key prior our value flow current I'll provide down term short curve, the securities book given of continue in XXXX to book the coupon Overtime, components by return rolled share high our tangible decline on bonds. AOCI per to quarterly basis website expect for our by minutes slides we available levels. of to quality few both loan provided $X.XX. portfolio. The points tangible or per portfolio We redeploy The in in the now presentation Relations accounting cash the take of this our outlook share investment we XX value ratio measures. driving the common areas.
our repayment portfolio or expect that the categories to two continue We majority of million assumes in and growth high-single total indirect driving loans the growth. digit of this the during mid quarters. commercial remaining with $XX Guidance to loan next loan PPP of forgiveness
We continue to plan deposits. for low-single non-public digit growth in
decline expected balance the projected new accounts commercial expect positive quarter. our be partially public of the accounts by per be relatively experience consumer and deposit We are are these and with deposits on focused new in offset impact and to account. flat, in the Reciprocal consistent to average an attracting first
top-end PPP basis There activity. excluding to now muted the for range NIM year PPP NIM increasing of XXX XXXX. noise is although X impact guidance basis to points. be relative We in continue range are full by to The our relative points, will XXX our the to of forgiveness,
increase mid-March. we continue Fed rate reflects on to PPP. NIM, NIM So guide excluding guidance that in the the occurred funds in
the a was rates We guiding spot recalibrated spot As do rate a reminder, increases. with further using rate them forecast, are expect which as we of X/XX. interest
to are and However, the predict. magnitude number difficult
securities investment that our Guidance from a we in range We XXXX loans. expect liquidity XX% of into continue to first which position, deposits. deploy the XXXX for portfolio put as excess historical investment carryover pressure our NIM betas will to from from half on also deposit due to experience X% reflects non-maturity liquidity portfolio the for higher
As a fourth our asset public our quarters. mix. where and NIM the to both are balances deposit due earning fluctuates due public deposits quarters inflows, reminder, the quarter-to-quarter on average and our and second impact of to seasonality In from its funding seasonal higher
Our invest the opportunities the of funds. the given short deposits yields lower limited to earning are duration asset term and
revenue our Approximately in interest of projection variable on NIM such PPP, is throughout excluding remainder maintain loan to portfolio, in are neutral. sheet the level income. environment securities balance difficult limited as categories as first the expect income, growth rates. low-single compression investment NIM current Our noninterest excluding PPP digit expand year our to predict, income XX% that modest to partnership indexed level gains a We with noninterest remains of of of relatively rate and of quarter persists. the the expected if We lower and the saw
as We the anticipated gain a and continued on on spreads to also interest environment. activity revenue pressure due rate expect of of banking mortgage tightening result sale refinance lower
expense quarter. expect timing for million in lower to projects which non-interest the certain quarter. second deferred and mid-single the expected $XX of were due to to an from continue We guidance $XX than digit range to that million increase per is QX expense, to range initiatives the is
enhancements Our XXXX includes digital including further spend in solution, and relationship initiatives, customer new in investments management strategic to Banking-as-a-Service. our banking
to incremental investments XXXX. begin these in producing expect revenue We
full to However, be the likely are realized coming over benefits years.
costs the is the within with ratio. to improvement for investments of ratio our driving Our impacted a associated XXXX recoup efficiency XX% later in we ratio XX% expect upfront for efficiency and same, our expectation strategic efficiency expectations for to range remains future that aforementioned periods, year. by in initiatives
effective amortization rate of the We most quarter given tax investments XXXX XX% the recent towards tax within in XX%, will to service low includes credit results. continue to the anticipate fall end the that placed Guidance the first impact of the years. of range range in a likely of
rate taking We of would continue to positively evaluate impacted effective opportunities. by tax further be our credit investment opportunities, tax advantage and
within to of to XX XX We our basis remain expect range net points. charge-offs annual historical approximately
net activity our benign, quarter to XXXX. remains charge-off experience in first Although similar
operating Our in these guidance that I'll results strategic overall back focus We remarks. to prepared leverage includes achieving executing drive on provided, That the now overtime. initiatives my that with Marty. call the will improve concludes profitability will line and believe turn outcomes.
