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Text: The quarter was generally pretty good, and maybe even modestly better than we expected on a recurring basis.
GAAP earnings were obviously very strong, but positively impacted by a $0.10 per share reserve release, and an $0.08 per share benefit from PPP fees, so about $0.79 for the quarter on a recurring basis.
The margin came in a bit better than we forecasted.
And our nonbanking businesses continue to accelerate growth on both the revenue and margin lines.
Our benefits business was up 12% in EBITDA over the last year.
Wealth management business was up 35%, and the insurance business was up 28%.
We also had an ever so slight bit of organic loan growth in the quarter, ex-PPP, which is atypical for us in any first quarter, and loan quality is in as good a shape as I've ever seen it.
Our consumer lending businesses are very strong right now, and we expect a solid second and third quarter performance there.
On the challenges front, margin may continue to contract and we need to rebuild our commercial pipeline, which is recovering slowly from the impact of the pandemic.
In general, I think we got a very good start to the year.
As Mark noted, the first quarter earnings results were solid with fully diluted GAAP and operating earnings per share of $0.97.
The GAAP earnings results were $0.21 per share, or 27.6% higher than the first quarter 2020 GAAP earnings results, and $0.20 per share, or 26% better on an operating basis.
The increase was attributable to a significant decrease in the provision for credit losses, higher revenues and lower operating expenses, offset in part by increases in income taxes with fully diluted shares outstanding.
Comparatively, the Company recorded GAAP earnings per share of $0.86 and operating earnings per share of $0.85 in the linked fourth quarter of 2020.
The Company recorded total revenues of $152.5 million in the first quarter of 2021, a $3.8 million or 2.6% increase over the prior year's first quarter revenues of $148.7 million.
The increase in total revenues between the periods was driven by an increase in net interest income and a higher non-interest revenues in the Company's financial services businesses, offset in part by lower banking noninterest revenues.
Total revenues were also up $1.9 million or 1.2% from the linked fourth quarter, driven by increases in net interest income, banking noninterest revenues, and financial services business revenues.
Although several factors contribute to the net -- improvement in net interest income, the results were aided by the recognition of net deferred PPP loan origination fees of $5.9 million in the quarter due largely to the forgiveness of $251.3 million of Paycheck Protection Program loans.
The Company's tax equivalent net interest margin was 3.03% in the first quarter 2021 as compared to 3.65% in the first quarter of 2020, and 3.05% in the linked fourth quarter of 2020.
Net interest margin results continued to be negatively impacted by the significant increase in low-yield cash equivalents between comparable annual quarters.
Average cash equivalents increased $1.55 billion between the first quarter of 2020 and the first quarter of 2021, due to the net inflows of stimulus funds and PPP between the periods.
The tax equivalent yield on earning assets was 3.15% in the first quarter of 2021 as compared to 3.93% in the first quarter of 2020, a 78 basis point decrease between the capital periods.
The Company's total cost of deposits remained low, averaging 11 basis points during the first quarter of 2021.
Noninterest revenues were down $0.1 million, or 0.2% between the first quarter of 2021 and the first quarter of 2020.
The decrease in noninterest revenues was driven by a $2.4 million, or 13.4% decrease in banking-related noninterest revenues, which was largely offset by a $2.3 million or 5.7% increase in financial services business noninterest revenues.
The decrease in banking-related noninterest revenues was driven by a $2.2 million decrease in deposit service fees, including customer overdraft occurrences, a $0.2 million decrease in mortgage banking income.
Employee benefit services revenues were up $1.2 million, or 4.6% over the first quarter 2020 results, driven by increases in employee benefit trust and custodial fees.
Wealth management revenues were also up $1.1 million, or 14.9% over the same periods due to higher investment management, advisory and trust services revenues.
Insurance services revenues also increased slightly over first quarter 2020 results.
The Company recorded a $5.7 million net benefit in the provision for credit losses during the first quarter of 2021, due to a significant improvement in the economic outlook, and very low levels of net charge-offs.
Conversely, the Company recorded a $5.6 million provision for credit losses during the first quarter of 2020 as the economic outlook worsened due to the pandemic.
Net charge-offs for the first quarter of 2021 were $0.4 million or 2 basis points annualized, as compared to $1.6 million or 9 basis points annualized of net charge-offs reported during the first quarter of 2020.
For comparative purposes, the Company recorded a $3.1 million net benefit in the provision for credit losses during the linked fourth quarter of 2020.
The Company reported $93.3 million in total operating expenses in the first quarter of 2021 as compared to $93.7 million in the first quarter of 2020.
The $0.4 million, or 0.4% decrease in operating expenses was attributable to a $0.6 million, or 1.1% decrease in salaries and employee benefits, a $1.7 million or 16.4% decrease in other expenses, a $0.3 million or 8.6% decrease in the amortization of intangible assets, a $0.3 million decrease in acquisition-related expenses, partially offset by a $2 million, or 19% increase in data processing and communication expenses, and $0.6 million or 5.2% increase in occupancy expenses.
The decrease in salaries and benefits expense was driven by a decrease in retirement-related severance and medical benefit costs, offset in part by increases in merit and incentive-related employee wages and payroll taxes.
Other expenses were down due to the general decrease in the level of business activities as a result of the COVID-19 pandemic.
The increase in data processing and communication expenses was due to the second quarter 2020 Steuben acquisition and the Company's implementation of new customer-facing digital technologies and back office systems during 2020.
The increase in occupancy costs was driven by the Steuben acquisition.
Comparatively, the Company recorded $95 million in total operating expenses in the linked fourth quarter of 2020.
The Company closed the first quarter 2021 with total assets of $14.62 billion.
This was up $689.1 million, or 4.9% from the end of the linked fourth quarter, and up $2.81 billion, or 23.8% from the year earlier.
Similarly, average interest-earning assets for the first quarter of 2021 of $12.69 billion were up $377.6 million, or 3.1% from the linked fourth quarter of 2020, and up $2.65 billion or 26.4% from one year prior.
The very large increase in total assets and average interest-earning assets over the 12 -- over the prior 12 months was driven by the second quarter 2020 acquisition of Steuben Trust, and large inflows of government stimulus-related deposit funding and PPP originations.
As of March 31 2021, the Company's business lending portfolio included 874 first draw PPP loans with a total balance of $219.4 million and 1,819 second draw PPP loans with a total balance of $191.5 million.
This compares to 3,417 first draw PPP loans with a total balance of $470.7 million at the end of the fourth quarter of 2020.
The Company expects to recognize through interest income the majority of its remaining first draw net deferred PPP fees totaling $3.4 million during the second quarter of 2021, and the majority of its second draw net deferred PPP fees totaling $8.3 million in the third and fourth quarters of 2021.
Ending loans at March 31, 2021 were $7.37 billion, $47.6 million or 0.6% lower than the linked fourth quarter ending loans of $7.42 billion, but up $502.2 million, or 7.3% from one year prior.
The growth in ending loans year-over-year was driven by the acquisition of $339.7 million of Steuben loans in the second quarter of 2020 and the $399.2 million net increase in PPP loans between the periods.
The decrease in loans outstanding on a linked quarter basis was driven by a $48.3 million decrease in business lending, due to a decline in PPP loans.
Exclusive of PPP loans, net of deferred fees, the Company's ending loans increased $14.9 million or 0.2% during the first quarter.
On a linked quarter basis, the average book value of the investment securities decreased $118.3 million or 3.1% due to the maturity of $666.1 million of investment securities during the fourth quarter, a significant portion of which occurred late in the quarter, offset in part by investment security purchases during the first quarter of 2021 totaling $546.8 million.
Average cash equivalents increased $587.5 million or 54.4% due to the continued growth of deposits.
The average tax equivalent yield on the investments during the first quarter of 2021 was 1.42%, including [Phonetic] 2.02% tax-equivalent yield on investment securities portfolio and 10 basis points yield on cash equivalents.
At the end of the quarter, the Company's cash equivalents balances totaled $2 billion.
During the first quarter, the Company redeemed $75 million of floating rate junior subordinated debt and $2.3 million of associated capital securities, which was initially issued by the Company in 2006.
Company's capital reserves remained strong in the fourth quarter.
The Company's net tangible equity to net tangible assets ratio was 8.48% at March 31, 2021.
This was down from 10.78% a year earlier and 9.92% at the end of 2020.
The decrease in net tangible equity to net tangible assets ratio was driven by the stimulus-aided asset growth, the decrease in accumulated other comprehensive income and an increase in intangible assets.
Company's Tier 1 leverage ratio was 9.63% at March 31, 2021, which is nearly two times the well-capitalized regulatory standard of 5%.
The Company has an abundance of liquidity.
The combination of the Company's cash, cash equivalents, borrowing availability at the Federal Reserve Bank, borrowing capacity at the Federal Home Loan Bank and unpledged available-for-sale of investment securities portfolio provided the Company with over $5.67 billion of immediately available sources of liquidity.
At March 31, 2021, the Company's allowance for credit losses totaled $55.1 million or 0.75% of total loans outstanding.
This compares to $60.9 million or 0.82% of loans outstanding at the end of the linked fourth quarter of 2020 and $55.7 million, or 0.81% of loans outstanding at March 31, 2020.
The decrease in the Company's allowance for credit losses is reflective of an improving economic outlook, low levels of net charge-offs, and a decrease in delinquent loans.
Nonperforming loans decreased in the first quarter to $75.5 million or 0 -- 1.02% of loans outstanding, down from $76.9 million, or 1.04% of loans outstanding at the end of the linked fourth quarter 2020, but up from $31.8 million or 0.46% of loans at the end of the first quarter of 2020, due primarily to the reclassified -- reclassification of certain hotel loans under extended forbearance from accrual to non-accrual status between the periods.
The specifically identified reserves held against the Company's nonperforming loans were $3.6 million at March 31,2021.
Loans 30 days to 89 days delinquent totaled $19.7 million or 0.27% of loans outstanding at March 31, 2021.
This compares to loans 30 days to 90 days delinquent of $44.3 million or 0.64% one year prior, and $34.8 million or 0.47% at the end of the linked fourth quarter.
Management believes the decrease in 30-day to 89-day delinquent loans and the very low amount of net charge-offs recorded in the first quarter was supported by the extraordinary Federal and State Government financial assistance provided to consumers throughout the pandemic.
From a credit risk and lending perspective, the Company continues to closely monitor the activities of its COVID-19-impacted borrowers and develop loss mitigation strategy on a case-by-case basis, including but not limited to the extension of forbearance arrangements.
As of March 31, 2021, the Company had 47 borrowers in forbearance due to the COVID-19-related financial hardship, representing $75.6 million in outstanding loan balances, a 1% of total loans outstanding.
This compares to 74 borrowers and $66.5 million in loans outstanding in forbearance at December 31, 2020.
Operationally, we will continue to adapt to the changing market conditions and remain focused on credit loss mitigation, new loan generation and deployment of excess liquidity.
We also expect net interest margin pressures to persist to remain well below our pre-pandemic levels.
Fortunately, the Company's diversified noninterest revenue streams, which represent approximately 38% of the Company's total revenues remain strong, and are anticipating to mitigate the continued pressure on the net interest margin.
In addition, the Company's management team is actively implementing various earnings improvement initiatives, including revenue enhancements and cost-cutting measures intended to favorably impact future earnings.

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q1 operating earnings per share $0.97.
q1 revenue rose 2.6 percent to $152.5 million.
qtrly gaap earnings per share $0.97.

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