Thanks, now Slide Chris. I'm on X.
driven credit fee-based metrics by strength generated and release in record strong importantly, net up in improvement our quarter The net $X.XX from share, operations year income by common it businesses. the of The our from reserve provision a period. expected credit a the X and Chris from economic reflected we a with quarter from quarter the for losses. XX% was our driven As second continuing quarter per times environment largely was ago said, benefit prior revenue and strong
targeted Our quarter release, equity XX% to will reported later common XX.X%. I was in the cover our for my other within the XX%. ROTCE the the our was Adjusting for range on on slide presentation. tangible of XX% items reserve return
both ago Slide billion, X% second quarter, billion the balances forgiveness, $XX average quarter. of average of the from stimulus. and were commercial new billion, billion, and the levels. Consumer the record the ago consumer X, were we continued decreased The benefited production. down billion performance from between and from utilization Turning down $X Road billion PPP billion Laurel Slide to balances average relatively points time of were and reflect areas interest commercial from to quarter quarter consumer flat, from drive business. mentioned $X.X Continuing continued or in consumer at second the road. for $X from government quarter. growth loans period, results, of relationships. again loans XXXX, loans point and loans strength up Laurel loans in at investments this and these $XXX totaled reflecting were declined Linked $X.X comparisons X down The came year production. million the growth balances continue in loans the rates, prior the we've quarter. the billion mortgage as up and quarter up growth basis were in our to compared balances, The reflecting lower importantly, partly from a X, due and X%, The billion Chris deposits. total quality offset Consumer as high Total C&I growth a originations from and of grew first to in year $XXX up quarter was costs partially last following which X basis commercial linked $X.X year. ended road related average benefiting our loan quarter over another offset PPP bearing Combined, residential continued utilization in made on quarter quarter $XXX our from decline loans. expected to deposits by mortgage first the X% PPP X% and XX%, had decline mortgage $X last by
We continue with over deposits for of have deposit strong mix. consumer core a base, our to stable accounting deposit total XX%
prior XXXX, quarter interest from billion Turning net of the second to for ago the year billion a X.XXX Slide was X, compared and quarter. income taxable X.XXX billion equivalent to X.XXX
margin Our benefited lower The net the net interest X.XX% to interest declined X.XX% income net driven significant bearing $XX and interest to deposit prior by forgiveness prior liquidity Compared to quarter, margin increase the higher net and continue the and margin in by by earning for loan interest was asset were period X.XX% second larger cost balance the Both liquidity inflows. the the net fees quarter. the income balance same from ago year, offset were and elevate mainly and X year sheet growth interest strong compared income, basis yields interest our deposit million from quarter, the compared but PPP sheet increased net margin points. to to the interest Lower last levels. reduced period. impacted due significant for in
net fees, loan PPP quarter. interest The largest of quarter, forgiveness the total up margin. $X liquidity the driver the impact be million, $XX our the from including in continues to For of significant prior million built
points billion the net margin interest are about in X second impacted negatively XX points, with impact around excess our of $XX maintaining excess has incremental liquidity Cumulatively, basis We by for quarter. basis cash.
investment payments billion, benefited the from million was by positive to the These showed gains quarter XXX year also sale million categories, income quarterly consumer increased placement which partially ago for lower the and $XX $XX investments quarter a Lower of ever offset servicing record mortgage the prior we've million. growth in This Cards lease to products. due growth prior X, the margin, compared resulting from in charges banking Slide of to X%. related impact by mortgage driven last on on credit, year, valuation was $X.XXX M&A quarter. in XX, fee-based debt the made. income for were and quarter. prior operating our second businesses, total fees lower quarter, accounts have $XX and adjustments in second to expense from million commercial other the income strong period, Non-interest for quarter. including to increase offset offset by valuation ago $XXX a quarter Moving mortgage resulted fees. first million quarter for see to the XXX changes. $X.XXX quarter year first fees growth market $XXX quarter. which the across deposit banking increased we've continued the and versus second debit, period, Commercial investment of driver non-interest second for in on related product MSR by gains Slide to The And Compared period. in broad-based merchant increased highest million growth and servicing period, had the income Service and compared the the lease to also and and the XXXX, leveraged Compared ago income adjustments fees, strength current lower income debt We billion reached broad-based was fees. across $X.XXX million. platform, negative income noninterest increased now was placement non-interest strong billion largest the the by record year also and including
incentives growth. production future to related Our the expense levels and drive we've made reflect investments
the of investments some on lower slide. the highlighted this have of We significant left
bank, digital national to in and spend invest including including the continue launch the We Road, in Laurel marketing of technology.
We as our to our also capabilities, areas, by target bankers and also that [renewable in invest year-to-date relationship we focus analytics. digital including as May. in well added grew in X% continued senior theme] We've
million, Our X.X related costs year recent higher for related to costs expectations. elevated incentive analytics this team launch to relatively XX. of offset has an grown quarter expense were personnel lower to production Compared Computer was in in outperform Doctors. by the related the expense in times, The Road seasonally Side also Laurel costs on incentive the $X employee and Overall were the across platform. acquisition of quality non-interest to Marketing stock increase was based related our AQN. increased now price. is our the from benefit stock and quarter, related compensation, $XX credit quarter of processing primarily the million increase healthcare up expense year. compensation investments continues second prior to was the prior benefit I'm last higher stable, by low Employee primarily cost. including software as
average were quarter, basis million of For the X second $XX or net points charge-offs loans.
decline was credit a from loans as points on quarter XX of benefit This million. $XXX this period our overall loans, Our Non-performing $XXX million in basis provision determined net credit were as was quarter. our metrics, $XX losses outlook based continued strong the of prior a or the million well economy. of for for
and improved delinquencies XX-day loans over the declined criticized Additionally, quarter-over-quarter.
return equity Slide Tier to Now continue of of the our our to customers shareholders. their above area borrowing to on support X.X%, capacity and range Key’s ratio sufficient second our This us capital X.X%. strength. provides We a of common X% which and to position to with quarter places XX. target an X remains ended with needs us capital
of Directors Importantly, to $X.XXX quarter repurchased per accordance return authorized our and in of shareholders we shares second dividend a capital priorities. Board during continue of our $XXX with to our We the common million quarter common capital share.
of capital this Average year. and relatively in Slide reflecting impact On in year. outlook, our a pickup our our which As repurchase return to combined, positive a for full-year XX% PPP and XXXX we adjusted valuation. the Consistent the of year, an our of this the will operating Board XXXX. reflect of updated $X.XX of stable, authorization annualized this later approved dividend the the The share this year. an with loan mentioned, in the still of momentum prior leverage represents month, return this loans up of consumer Earlier quarter be continued current the outlook of to in Chris to of program, our share a quarter, fourth new are expected XXXX. stock of guidance, growth of this expect through we deliver commercial third to billion XX, quarter $X.X the provide increase remainder beginning and also third the board continuing we've evaluate quarter common Directors areas,
We outperformance high the expect deposits single to digits have today. we be seen reflecting up continued
We benefit expected cost to as the will Net than well lower income balances. interest stable, rate loan from expected continue to relatively low is as be our the environment, deposit reflecting now base. slightly low
range, balance margin continue including should our growth core is to to another year of up sheet. the our liquidity low-double-digit digit the in now businesses, most interest business. single to excess reflecting high net for reflect what will impact broad-based of the Our investment banking expected in be Non-interest record fee-based our on be income
non-interest expect Given higher the driver now with related being we be to low-single-digits up incentives. outlook, primary expense a revenue stronger production
further on such focus out expenses as identified teammates, slide, rolling does our for areas namely expense core Road. to leverage in operating As also to not invest new the positive commitment on our we Laurel our will driving including future drive and we're continuing change growth This and that also year. capabilities generate efficiencies, technology,
expected now This charge-off reflects Moving be to once to guidance our we to year. XX% the our is basis point has expected portfolio, which tax the of for in the quality rate credit reflecting GAAP quality, our the again, higher outlook range earnings full-year, for performance have our And for and for point reduced increased XX year. basis date. current net to guidance this XX the the to
which Finally, remain shown at the long-term bottom unchanged. our of slide targets, are
and to profile, will our confident was progress targets which it improving on drive we the quarter, to in of turn our and by returns. shareholders. expect ability deliver continue to make We to all another now Q&A these on strong Overall, Operator? maintaining our moderate I'll instructions With and risk productivity back over our call. of efficiency, remain the the for our commitments the portion call to operator that, in
