For commercial customers, we implemented an easy to use 100% digital service for applying, processing, disbursing, and forgiving PPP loans.
After that, it was COVID-related donations and securing more than $100,000 in grants for non-profits in Puerto Rico and the U.S. Virgin Islands.
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I am particularly pleased with the 50,000 online appointments made through our digital platforms and our online bill and loan payment solution.
Please turn to Page 5 to review our fourth quarter results.
We reported earnings per share of $0.42.
It is important to note that this included three major items; $6.4 million in merger and restructuring charges [Indecipherable] Scotiabank systems conversion and integration; $3.7 million in merger and restructuring charges for branch consolidation in 2021; and $1.5 million in COVID-related spending.
Also keep in mind, our tax rate was 22%, that's higher than the third quarter because of the greater proportion of higher tax income, but it is also lower than our estimated tax rate in 2021, which we currently anticipate being in the 30% to 32% range.
Total core revenues were a record $133 million.
Net interest income was $99 million, similar to the third quarter.
Banking and wealth management revenues were a record $34 million.
Wealth management included $4 million in annual insurance commissions, approximately $3 million of that was from additional insurance business that came with the Scotia acquisition.
Mortgage banking included $2 million in revenues from secondary market sales of mortgages that were held back from the third quarter due to our systems conversion.
Non-interest expenses were $89 million.
Excluding the merger restructuring charge and COVID-related costs, non-interest expenses amounted to $77 million.
Regarding the balance sheet, total assets were under $10 billion as we had anticipated.
Loan production continued to be solid at $485 million and capital continued to build with the CET1 ratio increasing to 13.08%.
Please turn to Page 6 for our financial highlights.
At close to $17, it increased more than $1 year-over-year and by $0.46 from the third quarter.
The efficiency ratio increased [Phonetic] sequentially to 67%.
When you adjust for mergers and COVID expenses, it improved about 400 basis points to 58%.
Return on average assets and tangible common equity was close to 1% and 10% respectively on a reported basis.
Please turn to Page 7 for our operational highlights.
As Jose mentioned, loan generation was a solid $485 million.
That included commercial lending of $224 million, auto lending of $138 million, and mortgage lending of $98 million.
Average loan balances declined slightly from prior quarter due to paydowns and loan yields stood at 6.55%.
Average core deposits increased, but end of period balances declined $170 million on a linked quarter basis.
As a result, the cost of core deposits continued to fall to 53 basis points.
Average cash balances increased $162 million during the quarter.
The result was a 6-basis point sequential decline in net interest margin to 4.24%.
Please turn to Page 8 to review credit quality.
The net charge-off rate increased to 2.67%.
Provision was $14.2 million.
This includes $4.7 million to cover the two chargers [Phonetic] of commercial loans acquired from the Scotiabank that I just mentioned.
Fourth quarter 2020 loan deferrals fell to 1.4% of total loans from 2% in prior quarter and 3% in the second quarter of 2020.
The non-performing loan rates for non-PCD loans remained fairly steady at 2.35%, while non-performing loan rates for PCD loans decreased from 4.26% to 2.11%.
Turning to capital, stockholders' equity increased 2% sequentially and 4% year-over-year.
The tangible common equity ratio increased to 9%, ahead of both the prior quarter and the year-ago period when we made the acquisition of Scotiabank.
Please turn to Page 8.
With the completion of the system conversion, we realized $32 million in annualized savings, exceeding our original estimate of $35 million by about 9%.
Our objective is to return to an efficiency ratio in the mid-50% range.
Please turn to Page 10.
We believe our history, culture -- please turn to Page 10.

Summary:
Please turn to Page 4.
We reported earnings per share of $0.42.
Wealth management included $4 million in annual insurance commissions, approximately $3 million of that was from additional insurance business that came with the Scotia acquisition.
Turning to capital, stockholders' equity increased 2% sequentially and 4% year-over-year.