In 2020, we originated more than 43,000 loans amounting to $8 billion through the first round of the Paycheck Protection Program.
Net interest income was up almost 4% from the prior quarter with an 8-basis-point increase in our net interest margin.
We achieved record volume in the fourth quarter with $2.5 billion in funded loans.
For the full year, our consumer mortgage originations were $8.3 billion, up 90% from the prior year.
This drove both balance sheet growth, as well as a 179% increase in fee income.
In the fourth quarter, we generated $243 million in fees, which represents a record quarter.
Last year, Laurel Road originated over $2.3 billion in loans.
We expect to consolidate over 70 branches, representing 7% of our network.
Credit quality remained strong this quarter with net charge-offs of 53 basis points within our targeted over the cycle range.
Additionally, nonperforming loans declined by almost $50 million this quarter.
In the fourth quarter, our Common Equity Tier 1 ratio increased 30 basis points to 9.8%, which is above our targeted range of 9% to 9.5%.
Last week, our board of directors authorized a new share repurchase program of up to $900 million over the next three quarters.
We also approved our first-quarter common stock dividend of $18.5 a share.
As Chris said, it was a very strong quarter for us with record net income from continuing operations of $0.56 per common share, up 37% from the prior quarter and 24% from the prior year-ago period.
Return on average tangible common equity for the quarter was over 16%, up over 400 basis points from the third quarter.
Turning to Slide 6, total average loans were $102 billion, up 9% from the fourth quarter of last year, driven by growth in both commercial and consumer loans.
Commercial loans reflect an increase of over $7.5 billion from the PPP loans.
Laurel Road originated $590 million of loans this quarter and $2.3 billion for the full year, up over 20% from the full-year 2019.
We also generated ano -- another record, $2.5 billion of consumer mortgage loans in the quarter, bringing the total for the year to $8.3 billion.
Linked-quarter average loan balances were down 3%, reflecting pay downs from a heightened commercial loan draws, as well as a small reduction in PPP balances related to initial forgiveness.
Average deposits totaled $136 billion for the fourth quarter of 2020, up $23 billion or, 21%, compared to the year-ago period and up 0.6% from the prior quarter.
The total interest-bearing deposit costs came down 11 basis points from the third quarter of 2020, exceeding our guidance of a 6 to 9-basis-point decline, continue to have a strong stable core deposit base with consumer deposits accounting for over 60% of the total deposit mix.
Taxable equivalent net interest income was $1.043 billion for the fourth quarter of 2020, compared to $987 million a year ago and just over $1 billion from the prior quarter.
Our net interest margin was 2.70% for the fourth quarter of 2020, compared to 2.98% for the same period last year and 2.62% from the prior quarter.
Compared to the prior quarter, net interest income increased $37 million, and the margin improved by 8 basis points.
We saw the average rate paid on interest-bearing deposits declined 11 basis points from the prior quarter.
The forgiveness of the PPP loans accelerated about $28 million of additional fee recognition this quarter.
Noninterest income was $802 million for the fourth quarter of 2020, compared to $651 million for the year-ago period and $681 million for the third quarter.
Compared to the year-ago period, noninterest income increased $151 million.
The primary driver was a record quarter for investment banking and debt placement fees, which reached $243 million, up $62 million from the year-ago period.
This business also had a record year with $661 million of total fees.
Record mortgage originations drove consumer mortgage fees this quarter, which were up $22 million from the fourth quarter of '19.
Cards and payments income also increased $30 million related to higher prepaid card activity from the state government support programs.
Compared to the third quarter, noninterest income increased by $121 million.
The largest driver of the quarterly increase was once again the record quarter for investment banking, which was up $97 million.
Commercial mortgage servicing fees also had a strong quarter, up $14 million.
Total noninterest expense for the quarter was $1.128 billion, compared to $980 million last year and $1.037 billion in the prior quarter.
Year over year, payments-related costs reported and other expense were $40 million higher, driven by higher prepaid activity, and we incurred COVID-19 related expenses to ensure the health and safety of our teammates.
Compared to the prior quarter, noninterest expense increased $91 million.
The increase was largely due to $40 million of higher production-related incentives, $22 million of severance, $12 million of higher stock-based compensation related to the share price, and a $15 million additional contribution to our charitable foundation.
Marketing expense was also up $8 million from the prior quarter.
For the fourth quarter, net charge-offs were $135 million or 53 basis points of average loans.
Our provision for credit losses was $20 million.
Nonperforming loans were $785 million this quarter, or 78 basis points of period in loans, compared to $834 million, or 81 basis points, from the prior quarter.
Additionally, 30 to 89 de -- day delinquencies actually improved quarter over quarter with a 9-basis-point decrease while the 90-day plus category remained relatively flat.
As of December 31, loan subject to forbearance terms were less than $600 million, down from a peak of $5.2 billion, equating to about 0.5% of our outstanding balances.
We ended the fourth quarter with a Common Equity Tier 1 ratio of 9.8%, up 30 basis points from 9.5% in the third quarter.
This places us above our target range of 9% to 9.5%.
Last week, our board of directors approved a new share repurchase authorization of up to $900 million for the next three quarters.
They also approved our first-quarter 2021 common dividend of $18.5 per share.
Net charge-off to average loan should be in the 50 to 60-basis-point range, which is consistent with our through the cycle range of 40 to 60 basis points.
And our guidance for our GAAP tax rate should be around 19% for the year.

Summary:
Last week, our board of directors authorized a new share repurchase program of up to $900 million over the next three quarters.
As Chris said, it was a very strong quarter for us with record net income from continuing operations of $0.56 per common share, up 37% from the prior quarter and 24% from the prior year-ago period.
Taxable equivalent net interest income was $1.043 billion for the fourth quarter of 2020, compared to $987 million a year ago and just over $1 billion from the prior quarter.
For the fourth quarter, net charge-offs were $135 million or 53 basis points of average loans.
Our provision for credit losses was $20 million.
Last week, our board of directors approved a new share repurchase authorization of up to $900 million for the next three quarters.