Hi, good morning everyone and thanks for joining our second quarter 2021 earnings call.
Bank attached Rowe, Bea Luis Relations. our Chief Officer are Financial our Massiani, today Harmon, Operating Rob Emlen Officer; Chief and me of of Ordonez, many, Chief our our Joining Director and Investor President; Credit Officer;
return you quarterly a on points and the with off I'm to which $XXX.X an we basis year-to-date our XXX provides detailed $X.XX reported the quarter, have our of press a and on results pending update tangible points. before financial kick and of This highlighting million. our key with on results. on our release Webster tangible merger see, a Financial call EPS assets information on of can Corporation. website, In equity As presentation along return second of on adjusted generated income few today net our common going we providing XX.X%
deliver interest prior our noting was in to points the basis year's environment. up quarter PPNR to reported We points worth margin year-over-year. continued challenging is of quarter, In the expense flat prior up quarter XX% meaningful is and net our XXX that NIM it value XX% that relative discipline. income rate second continued tangible core period book up the over include interest X% of over a million, over despite basis and context We prior Primary net and X% interest step-up PPNR adjusted core to quarter. XX the at growth We up grew $XX.XX drivers share, the in which $XXX year-over-year. growth prior per end,
to has year range. to of outlook XXXX incorporate margin XXX net to the NIM interest points our been performance date, basis the in Given full XXX our core strong updated
optimize the higher sub-debt to to in categories. our cost deposit higher and $XXX million quarter, regaining reduce funding in a continue costs continuing We cost actively
business our balance line relative on PPNR quarter fees expense. client environment, loan yields. close million core of million while pressure rate almost digital core pressure time coming funding when existing especially $X.X applying will Core growth enhancing net our We interest partially are in continue experience items A million all activity we as as capabilities. several the fees drivers positive transaction on decline and expense across the income we costs are sheet $X.X some down $X continue interest in lows. recorded the prior in versus securities pandemic margin fee and was trends non-interest the assets quarter, to and modest did of other PPP positive first $XXX to to the to Given we offset and invest to current in million and build down lows see volumes
our comfortable We continue trends quality asset and with very to reserve position. be
provision total Our million. of the losses X.XX% charge-offs versus expense of versus modestly quarter. quarter loans prior X.XX% $XX credit in was allowance our This to this for $X million reduced
what we related the steam reaction continued ongoing the model appropriately New is requirement, the a given maintain York and feel region drives allowance and While with position the broader uncertainty lower gaining we an the economy Metro view conservative recovery. including reserve is to
of $XXX During believe where $XX almost million in real assets of criticized we generated loans the sold economic portfolio million best to was the path assets. a we of these the loans which the quarter, Most quarter, of estate were sell commercial charge-offs.
million. were $X Excluding charge-offs core were of loans flat the loans classified the X%. Non-performing quarter effectively in criticized sale, effect and approximately declined this
and precise expect likely declines classified in assets peaked we and of As said going previously, we have have see believe to we terms forward.
warehouse which balances, effect earning balance average of was basis, $XXX an million period were On million. loans million principally of quarter. impacted million $XXX were down the $XXX about basis, prior contributed million loan This balances $XXX an average our mortgage obviously assets previously commercial were period $XXX the onto loans mentioned sheet, of contraction down sale and the an end an over basis. the ending PPP also down declined warehouse Mortgage Moving on balances. end in decline to on
Excluding these in sector lines. book, commercial positive saw effects, targeted some business the and we trends growth C&I including finance public loan traditional in our
range. be the in outlook which means $XXX second range We full million indicate we to loan the $X.XX we growth that be aggressive to our our in have is more need billion be expect that it in half pricing to expect loan million and plenty of of growth this by the drive billion $X.X revised will are in clear year year-end, to we in $XXX There volume. to XXXX to pipelines lending commercial opportunities we
over cost the to On deposits prior higher quarter. sub-debt side, the reduce the mentioned funding and were deposits redemption. Core we able borrowings, X.X% previously increased including
per XX.XX% for To I increase I by bank value most I also end comments, been capital I've doing you, capital of one to ratio my other built been tell trustful with, note wrap to book got change a I've with the to ratio a outlook. Tier liquidity. and wanted so to at reporting up long and financial we've share, of we This any ever leverage the addition is X earlier, that the far tangible of had we're In our the amount time. associated XX.XX% capital in in this TCE significantly mentioned of period.
and taxable We to expect a provision higher rate year effective the of XX% to full trend income. XX.X% requirements lower tax given a
Webster progress combined proxy process, for shareholder organization merger scheduled and transaction team the our votes on the Sterling We application XXth. of management the with June. are for regulatory integration need the and in the planning have and filed the to August senior and our early Moving approvals
quarter We underway. continue transaction the target well close integration early with an to planning for our fourth
and combined from organization of our execution. process and Our integration sides moved have the design experienced management stages project team both leaders to draws on integration on planning
targeted along the both in Ciulla XX Both effectiveness John organizations lines integration business the and functions. and the streams I for clients, revenue talent investors. We have business work with opportunities impressed about and with strong bringing products, incredible are and and colleagues, of planning business two by growth potential complementary the We're footprints, of excitement the cultures. There lines. lines, organizations real is together established process, this in combination
put revenue And in We will drives out diversity affluent at line see could funding we terms with that generation returns you unique in and you and geographically as please combination for we and capabilities that attractive see of have think open both dense the a With questions. numbers a in organization footprint. in very – asset the operator, continued shareholders deal the for on incremental gains. announcement, focus operating
