Thank you, Larry.
items our As on discussion I growth. will where I loan quarter those results, review is warranted. additional our some I'll financial focus first start with
in excluding PPP and particularly in our project quarter, our credit Specialty lending finance. loans, As annualized first our the municipal lease which was by loan during driven XX% new tax Finance mentioned, growth Larry was and production Group,
due some notably very core commercial hold estate was Our most pandemic. were are on that solid put loans as in business our clients real to projects of the commercial previously also lending funding
second we revolving increased as we are demand enter our C&I lines across reflects We believe in seeing of our increased the base business optimism which March, utilization quarter. client's also client as
funded loan as was deposits. well in growth strong some as and with liquidity the excess our quarter of during our core very with lease Our growth
we shifting enhanced Larry a reduce interest offer the excess which mentioned, deposits liquidity program, managed significant helped deposit by sheet EBA net proactively and growth of correspondent Reserve Federal our our amount margin. As our to balance to
our nearly XX% $XXX from Additionally, total or non-interest-bearing of during the deposits million they we now deposits continue base. to Non-interest-bearing grow as increased prior deposit quarter quarter. our represent XX% the by
earnings. to turning Now
interest million, income was quarter $XX of from million for the net quarter the fourth down $X.X XXXX. Our
interest However, linked million recorded net through of forgiven $X.X We to been balances was recognized. after income, of on be end of million impact quarter in first have $XXX PPP income respect static net of basis. and $X.X loans, PPP the income PPP With with quarter quarter the XXXX. in excluding a the acquisition-related first accretion to remaining million the
loan additional New million more PPP clients new $XX resulted deposit to-date. than business have in of and
balance relatively quarter, stable average While down declined average balances balances and efficient were earning X.X% the our cash more driving during creating sheet. a assets loan
driven rate and on assets both mix. basis yield X the fourth points by those declined Additionally, quarter, from the by
by basis Our were point non-interest-bearing on interest when basis provided able exceeding and guidance we with combined our call. strong by X growth costs X grow declined in our year-end margin the points net deposit to adjusted the deposits, we
expected Looking points forward, build given possible of and from excess seasonality the ongoing quarter. second some liquidity low in the of environment, the PPP we combined interest X a do possibility with NIM anticipate forgiveness, compression continued rate basis to X
guidance. However, an of outperform to manage yields, attempt protect to work hard we in cost will continue that to loan funds liquidity proactively drive excess and down
the strong swap end included swap million. the guidance. million Non-interest Now $XX.X This turning to first non-interest lower fourth quarter, income income income. million compares non-interest the our right fee income effectively to in in which $XX.X very quarter, fee $XX.X in of which million was of of included at our income $XX
for we to this to swap sustainable fee Our expect for fully be source pipeline continues income long-term. loans healthy be of the and
be XXXX. continue on of remainder a basis. to robust linked fee quarter, our of expect growth are approximately income $XX per reaffirming the million generated the XX% $XX quarter a We which levels our result, income in swap quarter As management we nearly during to guidance wealth million to up and first was for
Our was management, under to million assets $XXX AUM driven by performance total bringing $X.X in billion. increase
client as generation be client as portfolios. well strong in to increases New sizable existing continues our
compensation the Now to $XX.X of our quarter totaled expense salary incentive and million expense. in benefits The lower by and turning lower driven quarter. expenses. to primarily linked for was decline from $XX.X commission due $X.X Non-interest the down quarter fourth expense million million first
occupancy modestly and and experienced expense, and marketing equipment also and processing data advertising lower We fees. professional expense
booked in million. the Additionally, second reoccur on in to guidance non-interest of did We for pleased on were we which the of of million, reaffirming and we XXXX, the $X.X guidance quarter first quarter. quarter a quarter in range expense first not the our $XX loss extinguishment our to the outperform in fourth million liability are $XX
assets PPP Our overall Both NPAs again, assets were asset build excluding the and basis the first provision very total quarter, strong maintained very prior translated of to with through in we CECL earnings a to implemented our into X.XX% modestly net leases capital We credit capital, strong. consistent With quarter and quality which loss loans continue remain on a levels. ratio charge-offs continues an non-performing ACL robust respect to quarter and successfully our the lower total and to once linked and minimal. to of be capital loans.
assets common tangible compared Our year-end, loans. equity tangible ratio PPP X.X% exclude you improved of the impact as if to to to at X.XX% the
With for Our quarter ratio for first up came tax-exempt questions. Operator, financial in our our at are a results, quarter your context that call the The lower was effective higher rate open we to revenue. on linked quarter tax rate of due the first basis for XX.X%. a added let's on ready question.
