loan Thank our performance. everyone. appear somewhat to you, morning, quarter due the beginning the total I'll of sheet; year muted with summarize Beginning fourth and full growth extinguishment. and good may balance PPP financial Don
million a but in net prepayments quarter. and re-financings However, of as and Residential million program. began was rate. almost million which a of million volumes, would generated $XXX commercial extinguishment, sale PPP part annualized the growth although by did $XX.X $X.X had increase again this portfolio forgiveness for a declined resulted loan this good a in continued normal XX.X% loans held growth, loans $XX.X which we origination consumer million have loans be reduction, Offsetting again we $XX.X an
added of as businesses year-end growth total of increased deposits XX% at XX%. cash deposits we represented income at XX. during another growth. XX December million XX% from focused about liquidity, retained For security dollar deposits, excess million September interest as we grew $XXX.X and an we Non-interest of $XXX for annualized rate at to net investments on quarter XX versus September the Due
explain the I'll allowance. Next,
reminder, effective adopted CECL January X. a we previously As
fourth which quarter, million decreased $X.X percent average net allowance forecast. decrease growth. forecast, For significantly by during that including the a better allowance of a economic The provision quantitative is factors, due in factors unemployment further due improve quarter represented to the loans. a non-PPP offs improved loans Quantitative to a and related offset in XXX,XXX decrease to of partly loan X.X% million, the national $X.X for of recovery charge only
not factors Given materially in resulted increase the Last qualitative during an ability to a loans classified quarter as mention in the was release the CECL forward-looking of decrease special nature and reserves. essentially migration loans mostly by model, flat. did some overall, risk in this offset were move our
from So exclude X.XX% XXX. loans, XXXX, if covers the would PPP the our down you is total be to ratio allowance X.XX% loans XXX. at at which from X.XX%, But down was X.XX%
the you from purchase if be accounting marks, at X.XX% coverage X.XX% include would addition, ratio the XXX. balance down unamortized of In
risk-based where ratio XXXX. economic continued we earnings. are up primarily million reserve equity is was $XXX December Last current $XX be we At million of our at capital, equity total comfortable outlook, ended sheet estimated at and is from our about strong the for level with this XX tangible the to balance Given X.XX% capital net September year-end, due XX, XX.X%. to with
I'll the income statement. turn Next, to
million year purchase average and XXXX. quarter by of three fact X.XX%, the months net XX in related of start with net As resulted This on million consistent interest with obviously including fourth coming PPP income, This of are that compared XXXX, of marks, operations of with in million we includes a income income with This an $X.X have extinguishment. million and the and margin for balance skewed does quarter. to which none coming reminder $X.X $XXX.X interest also was million third through through expense. loans full interest year XXXX. from benefit the on interest of over UCSC income, accounting accretion interest to in year $XX quarter $X.X million, comparisons of the $X.X We'll fourth include a
and This by our offset margin which a X.XX% be Excluding on quarter investments. will is from liquidity, X.XX%, marks security decline PPP, interest would basis. be the mostly our excess net of increased attributable link down impact the to
in For $X million million interest with from balances interest X.XX%. million the of million $XXX of and income, of of marks also income expense. a million. of year, we had net on income This margin average PPP loans, $X.X benefit $XXX.X interest interest includes in This $X.X purchase with accounting the and accretion includes
just million $XXX pandemic crashing net year be due marks the year is down the PPP, with induced would to of from recession. this in relation is in full impact X.XX%, interest the experienced XXXX. rates Excluding extraordinary we economic interest obviously which margin And our in
While asset dramatically, revenues. did $XX almost of a for our for funding great quarter points costs, quarter declined and basis represented yields year income which XX was fourth reducing year. fell XX% million the job Non-interest over team fourth total
but and $XX.X settled $X were income First, with balances million was from prepayment XXXX. as have million and revenues we balance decisions as seasonality million a quarter retain down down quarter consistent negative for another Gains and speeds last for million, rates partly adjustment $X.X approximately each on mortgage growth. of mortgage sales only as sheet well for MSR quarter, banking to quarter, million last $X.X amortization million due expense and some Servicing $X.X is loans $X.X which from for bit. fairly to fourth valuation did last
charges fees Next, million year. $X.X last $X.X last $X.X Wealth at million to insurance year, $X.X up while Management and other increase Service [indiscernible] other and $X.X Commissions income from year, last and and million came revenues $X.X from million. from increase in totaled $XXX,XXX million million were
in from an other due noninterest well or year. from $XX up $X income million million million $XX from Insurance million service lines million For of up $X major year. business million banking our at as XXXX, million management In was total incredible last last million of of at Mortgage the a year including $XX and was $XX $XX contributor originations. revenues up over fee $XX year and up of year. million revenues last wealth $XX from to key net with XX%
primarily was we security restructuring also that due of in but to We gains over $X.X reported sheet balance the third had quarter. million
discuss expenses. I'll Next,
related fourth incurred quarter last million of the First, we in in XXXX. our the $X.X merger of costs
compared merger So on million total accrual including prepayment to expenses with expenses, gross restructuring XXXX other last year quarter primarily balance a $X.X costs third FHLB to $XX.X offset due up. $XX.X excluding million, in the sheet the penalty million were for some of decrease by quarter
was offset expenses we money For security related XX% which XX% totaled XXXX. the core and year ratio our gains. compares FHLB very $XXX which And by with or excluding pleased favorably efficiency million year, $XXX penalty, very to costs, the that are of for for million,
for Additionally, $X.X which GAAP a $X.XX million a basis, I pretax reported was provision XXXX, per will a income strong quarter. the million summary or on earnings. assets. of our pre after-tax on $XXX of Merger net average core X.XX% income for On million costs up with this $XX.X we represented basis. net return an wrap share generated quarter
costs, excluding So per $XX.X fourth of $X.XX up earnings $X.XX million those in from share were quarter core core XXXX. EPS or
year, $X.XX net or EPS. full $XX.X income GAAP the million was For
costs, merger included $XX.X million this However, respectively. provision after million tax were and and $XX.X which related
$X.XX we profitability from after capital my and synergies of conversion leveraging EPS financial increase core we conclusion, to recover. XXXX as strong and the begins That $X.XX In economy to completes very implementation, XXXX. review. operating those for levels Premiere for Excluding forward look completion in X.X% finished core the solid and was year our an
Matt. Now, turn over call I the will to
