joining Bill. I everyone all today. us well. listening you, Thanks hope safe is Thank and to do for And
us we've consistent for know who in we that our that closely, been and you'll through are two last year follow commentary the those For distinct challenges. significant managing
latter the First, second, the its a which of for pandemic environment hope zero to all with applications we in stages. years short-term near continuing certainly believe still is its COVID-XX we that has rate run profitability. company's And
on goal focused plan our keenly present shareholders and to us become potential of uniquely powerful the one challenges. that the continue to a great Atlantic is the for remain franchise despite valuable serve. premier something create bank long-term And we our believe We this and we to before Mid with we opportunity full right strategic that have communities our the reaching the
during in soundness, mantra prudent growth culture well the order and and economic remain us priority. will great the Our sound company; environment. is informs highest the and our and profitability how of our served we serving of our priority A it's current credit run conservative bank recession, in well company that
and of Our capital peaked of loan as having strengthened position remains liquidity. storm minimal XX% clients the of ample half loan helped XXXX, about X% in have non weather we April of has has modifications at portfolio our been our PPP a May the one and XX,
continue quarter, environment. align branches our We the actions expense expense details to branches in the to year. guide closed the down you a but in bringing we And Rob Our will walk since $XX run about quarterly through his lower second total of million XX, our time this impact of you a rate QX last quarter. rate priority by through line, of is to five the core the the can the revenue expense run expense profitability. number see comments new noise XX% reality despite of the rate or in
expense over to further make are the scalable While choosing rate, reduce medium run efficient more term invest for over and to the this short we our more competitive, growth long we term. could or company
lower believe the to for get A last number now expense quite of Some spending of push a they've party time completed over operations be to in annual end the what will hurdles will but we as strong order expense internal our consultants, case third projects initiatives to actions that and they our them feel did business ahead we during approval. of reduction is early expenses more front and leverage scalable, more rates right is make and almost they initial is we efficient such growth going result obtain out operating improvements pass loaded as these have after in economy. time our done year,
this a largest pressures coupled we environment organic further going well outlook supplemented us positioned and previously and capabilities long believe expectations with consolidation. customer the offerings of of finance state have the competitors through product and complement to and rate We strategy from finance. long at ahead articulated. near tide opportunities As larger a two market growth We equipment by Carolina government Maryland, disciplined do and occurring grow dominate motivate to takeaway M&A remain focused zero in consistent share North with we thoughtfully bullish operations our We're for economic our both our our bank of and to evaluate rising will contracts of we competitors. Virginia, in are is for our believe we runway from are term on in home we believe for specialized the lending disruption that growth, of digital organically through the in benefiting
fall. but through and our work remain back offices bringing the challenges. transit people recently, been at Work branch Let give last non personnel branch good to home. going been since Corporate and that footprint walk About from And Home of response. closed continue The we the want in pandemic customer prudent our safety speed. in first way me well. year. of traffic our the provide all be certainly open has least of All COVID-XX half to distancing continued rush and continues of lobbies XX% vaccination will the a go term we're review personnel short quick from remain teammates and programs our have our to gaining But social to them to and are not customers. ensuring safety essential
the X,XXX XX. SBA banks rise. the one improved Paycheck as are opportunity forgiveness the experiences us full on the coming will approvals now rounds that Protection too. turn clear the over months continue there's vaccination positive We in first PPP these a had great of trends levels on hopeful of relationships. plan successful We seeking two caused took PPP of and to we to here program, the I'll negative to builder hold received soon remain round from Administration Program round started as it to clients our opens we help. for that to round us with them our come brand focused many Atlantic And converting banks as the Business And to that first for size We to taking larger as support two is Small January our was Union. the applications It them as from results round more PPP a than statement. possible on be to bank new us. We reopening are but important round for will of boost in million which We pandemic. this should The quarter. This for quarter our has the unplanned and loan continued will million for help slowed. around to receive two, revenue expect also credit first much the end businesses approximately two that million additional certainly totaling for PPP about the draw the one $XXX opportunity and second do will help they forgiveness mitigate X,XXX that about PPP Round SBA for is a during clients end It's losses quarter before through pause to and it's Approximately this an clients how at the the net and second X,XXX application approximately estimate two the around forgiveness loans from significantly months pandemic ultimately predict first increase loans period. totaling We $XX year. of both the phase there flow and for the demand income $XXX far. to us. of represent fee so difficult many
we've quarter For had X,XXX having forgiveness ended received the for $XXX now first since approximately example, clients million.
As channels prior bank our I've said to differently. year. from have the learned We've before, customers of our increase usage seen substantially digital
volume around year is XX% deposit up utilization check mobile users XX% are are beginning up XXX% time commercial since logins XXX% is year-over-year. the of For and since deposit this and is up control mobile dollar Zelle up year-over-year, the up last example, year-over-year, XX% up Card utilization XX% year-over-year. year, digital
omni with to upgrades our continue improve quarterly releases projects We offerings. new experience and on the customer and work to channel product
your this of opportunity. and launched a increased reduce needed make at We technology. time of we rebranded of hired platform During our center lending the authenticate callers. the time black enhanced continue the Bank provides bank demand call Wealth banking progress dedicated our diamond qualified the the Atlantic you technology year, offers quarter on with And Deposit to part your to better a enhanced customers on wealth we newly leader brand, and open Management new We focus Account the of credit pre Union announced using rollout account. business first Middleburg leverage as which on Financial to to to our
expect number our a experience having for digital at the to improvements business. a use in customer XXXX, and well and of closing of we have as to as experience zoom closings additional that DocuSign including later from lending application applications also We implement mortgage completely client
making standing our office, As against steady I've before, we're but we're said return to to waiting the progress by strategic plan. not
impact to turning materialized forecast initially pleasantly that surprised feared. credit COVID-XX credit, as the and not has remain we we Now
the nature It's issues a expect barring markets are is on have quarter. we have faster outlook And in still our that additional rate expected. pandemic even end the the the flux, to have and the with outlook. coupled stimulus problematic, began government credit in us resiliency so diverse an improve Federal seen clear markets unemployment than be COVID-XX more been had and Reserve at unexpected we don't some we our with the to fourth While impact. of than accommodative the positive And since confident credit negative than we of more development
in in it's December, home Here the than also March points from X.X% Virginia, basis average. at better state our national XX came down X.X%. unemployment That's in and of
impacted loan performance Our and social also as such directly book to exposure restaurants we retail. distancing hotels, place, as our industry's the most in by measures outsized put the helps credit don't have
annualized credit in four low a very strengthening PPP given or if out far. that at so minimal to the climb been annualized. have be. some losses offs levels basis to continue points we and expected credit At very normalize three economy, As to of Charge only are of remained PPP hard losses specific the point exclude round it's to point, downturn, stimulus points of at a you systemic basis loans but when time that our may QX all two
Looking for solid. credit CECL losses losses will ahead, levels Rob the we pandemic all way do credit economy. of by through expect works talk and credit the our impact metrics, remains but the provision after normalize you and modeling through indications of its the
XXXX, as modification million. This XX% loans X.X% under modification balances total is approximately approximately April of was loans $X.X portfolio. Thursday, April XX, portfolio. balances Our down $XX of total the our totaling from of XXX as and XX, then were of approximately that's billion X,XXX which And with
modifications I the seven at remaining million XXXX, accounted mentioned peaked Of $XX hotel or for in May XX% are around loan by XX%. earlier, of approximately modifications, loans. As
limited XX $XX The for hotels. in XX, seven COVID are to which in industries XX decreased most loans six XX, for million the January pertain of accompanying from as Our majority segments slide amount and the of under exposures our these a outlined million on to focused presentation. and loans to $XX on do sensitive are of April modification of loans
can. $XX Club off. Lending in consumer party to run winding some Payment been As down was $XXX,XXX current. The may well is third about and portfolio Lending accounts we better the quarter our this is expectations. quarter deferrals clients our to for Club or it's Lending continues than credit to Overall, pandemic during line in approximately risk million The Club end performing continue balance recall, time. proactively modification and while became we exposure our for work the through for portfolio one you mitigating with declined portfolio remaining event and wherever off has
Our goal and the achieve top regardless financial environment. remains to maintain operating of tier performance
primary the flare additional the depend and we the one now. will our of disruption be main of ups part that the ultimately in success operating determine of we're continued a outlook length innings the rollout. in late financial of will on Our in COVID-XX against vaccine factors that in areas believe This this markets our
We is continue before the but improved, term economic optimistic. we're face as and I near to mentioned uncertainty, outlook
While in a along half continues trend upward overall our to the is in And full in recovery, believe gives the economic national the performance demonstrate there The dips in and our what economic the better projections. way data may overall outlook. of seen XXXX. be some will this back accelerate confidence us footprint we than remain model to
economies anchored point again fairly is the in of that will out of fashion the broadly set about unique it economy some by We diverse a federal is regional Virginia with government. and XX%
Virginia the positive net a federal Additional government's economy. stimulus contribution to the be should for
by growth declined X.X% loans we expected. excluding flat loans relatively PPP PPP, excluding commercial annualized our was QX loan overall as While
of Commercial over Our And declined among categories below about quarter combined business annualized. one our ample This basis dropped line line the XX%. X.X% a our to all evidences commercial the XX%. on utilization borrowers. percentage utilization of types that's normal liquidity about loan points well
and leading Looking strong. loan our loan levels about Currently indicators growth. our optimistic pipelines are pre to was are ahead, we production back QX the commercial for pandemic
could party not high first we third digit we've the of be than In to second we see single half loan hit PPP QX, no we at QX, will trend in growth that in XXXX improving year, X% than loan we this expect activity. returned for full year better XXXX. was on or excluding We better consumer loan the believe what that run X% loan off do our fact, an and and time line to are in it growth either growth reason growth now half the why and XXXX. the experienced We
market certainly dynamics our that economic and franchise, Our opportunity. outlook our support
Our deliver performance. differentiated consistently goal remains able to creating company that's
operating are working to make I company publicly experience of noise the see the before, As improvements to a we expect improving more as top we leverage scalable, through the tier reestablish customer we mentioned more efficient, on PPP, Once get should financial ways would our while result. all and targets.
provide At to am try on focused strategic organic and we busily success better a company, credit that efficient scalability ahead same and convinced on customer mitigation will steps time, we will So give crisis positioning do we few opportunities remain potentially horizon. risk from we its our this both to opportunity, work experience. for improve I while we better, emerge the efficiency see a and our through [Indiscernible]. always and stronger, more and And than us think before.
lower to coming company's our be, rate the agility the a We may newfound that learnings have and our experience. are to differentiated adapt culture capabilities, innovation that so while normal, customer granting leveraging whatever into the flexibility and the in delivering for we environments, longer next
unlike and deliver uniquely performance we've communities, protecting than and I It's the have compact dense comments, the our future our end this opportunity and weathered customers see what well and our a I our teammates this in all storm to markets confident long-term chaos, of remain valuable usual financial story By Bankshares our for taking great Union could care our the sustainable hoped. any we Atlantic for and potential shareholders. with in our holds a us have teammates remains -- and of continue to my franchise. region. And We bank. with does and better customers, it I'll in other
deliver now team the trying turn in of the right for financial high We Rob the to results quarter. call the the performance the even to cover I'll the and markets with are times. scalable over to Rob? most right right capabilities,