For the fourth quarter, our earnings per share were $0.64 or $2.63 for the year.
We delivered record revenue, which was up 9% year over year, with growth in both net interest income and noninterest income.
Pre-provision net revenue also achieved record levels last year, up 10% from the prior year.
We raised a record level of capital for our clients this year, over $100 billion, resulting in a record level of investment banking fees.
Our investment banking business has been a consistent, sustainable growth engine for Key, growing at 15% compound annual growth rate over the last decade.
In 2021, we increased our population of senior bankers by 10%.
Consumer loans in our Western franchise were up 17% last year.
Twenty-five percent of our new households are under 30.
Combined, these businesses generated a record 16 billion in originations for the year ending December 31, 2021.
In 2021, we returned 75% of our net income to shareholders in the form of dividends and share repurchases.
For the fourth quarter net income continuing operations was $0.64 per common share, up 14% from last year.
Our return on tangible common equity for the quarter was 18.7%.
Average loans for the quarter were $99.4 billion, down 2% from the year-ago period and down less than 1% from the prior quarter.
Forgiveness this quarter was $1.5 billion.
If we adjust for the sale of the indirect auto portfolio last quarter, as well as the impact of PPP, our core loans were up approximately $4 billion on average, or 4%, and up over $4.8 billion, or 5%, on an ending basis from the prior quarter.
Combined, these businesses originated $4 billion of high-quality loans this quarter.
Average deposits totaled $151 billion for the fourth quarter of 2021, up $15 billion or 11% compared to the year-ago period and up $4 billion or 3% from the prior quarter.
Our cost of interest-bearing deposits remained unchanged at 6 basis points.
We continue to have a strong, stable core deposit base with consumer deposits accounting for approximately 60% of the total deposit mix.
Taxable equivalent net interest income was $1.038 billion for the fourth quarter of 2021 compared to $1.043 billion a year ago and $1.025 billion for the prior quarter.
Our net interest margin was 2.44% for the fourth quarter of 2021 compared to 2.7% for the same period last year and 2.47% for the prior quarter.
Year over year and quarter over quarter, both net interest income and net interest margin reflect the impact of lower investment fields, as well as the exit of the indirect auto loan portfolio last quarter, which impacted our net interest margin by 3 basis points.
Also, if we reinvested the $20 billion of liquidity, our benefit to net interest income would be about $350 million a year.
Noninterest income was $909 million for the fourth quarter of 2021 compared to $802 million for the year-ago period and $797 million in the third quarter.
Compared to the year-ago period, noninterest income increased 13%.
The increase was largely driven by an all-time high quarter for investment banking debt placement fees which reached $323 million.
Additionally, commercial mortgage servicing fees increased $16 million year over year.
Compared to the third quarter, noninterest income increased by $112 million, again, primarily driven by the record fourth quarter investment banking debt placement fees.
Other notable drivers were other income and commercial mortgage servicing fees, which increased $33 million and $14 million, respectively.
Partially offsetting this was a $25 million decrease in cards and payments income driven by lower prepaid card revenues.
Noninterest expense for the quarter was $1.17 billion compared to $1.128 billion last year and $1.112 billion in the prior quarter.
As Chris mentioned, we invested in our team, including adding 10% new senior bankers.
For the fourth quarter, net charge-offs remained at historic lows and were $19 million or 8 basis points for the average loans.
Our provision for credit losses was $4 million.
Nonperforming loans or $454 million this quarter or 45 basis points for period-end loans, a decline of $100 million or 22% from the prior quarter.
We ended the fourth quarter with common equity Tier 1 ratio of 9.4%, with our targeted range of 9% to 9.5%.
Additionally, our board of directors approved a fourth quarter dividend increase of 5%, which now places our dividend at $0.195 per common share.
For the year, we expect net charge-offs to be in the range of 20 to 30 basis points.
And our guidance for the GAAP tax rate is approximately 20%.

Summary:
For the fourth quarter, our earnings per share were $0.64 or $2.63 for the year.
Average loans for the quarter were $99.4 billion, down 2% from the year-ago period and down less than 1% from the prior quarter.
Our net interest margin was 2.44% for the fourth quarter of 2021 compared to 2.7% for the same period last year and 2.47% for the prior quarter.
For the fourth quarter, net charge-offs remained at historic lows and were $19 million or 8 basis points for the average loans.
Our provision for credit losses was $4 million.