We grew consumer checking accounts by 3% and small business accounts by 5%.
We increased new corporate banking group loan production by approximately 30% and generated record capital markets revenue.
Through our enhanced risk management framework, we delivered our lowest annual net charge-off ratio since 2006.
We surpassed our two-year $12 million commitment to advance programs and initiatives that promote racial equity and economic empowerment for communities of color.
Before closing, we're extremely proud of our achievements in 2021 but none of these would have been possible without the hard work and dedication of our nearly 20,000 associates.
Including the impact of acquired loans from the EnerBank transaction, adjusted average and ending loans grew 6% and 7%, respectively, during the quarter.
In addition, production remained strong with line of credit commitments increasing $4.7 billion year over year.
Consumer loans reflected the addition of $3 billion of acquired EnerBank loans, as well as another strong quarter of mortgage production accompanied by modest growth in credit card.
Looking forward, we expect full-year 2022 reported average loan balances to grow 4% to 5% compared to 2021.
Based on this analysis, we currently believe approximately 35% or $12 billion to $14 billion of deposit increases can be used to support longer-term asset growth through the rate cycle.
Net interest income increased 6% versus the prior quarter, driven primarily from our EnerBank acquisition, favorable PPP income, and organic balance sheet growth.
Net interest income from PPP loans increased $8 million from the prior quarter but will be less of a contributor going forward.
Approximately 89% of estimated PPP fees have been recognized.
Cash averaged $26 billion during the quarter.
And when combined with PPP reduced fourth quarter's reported margin by 51 basis points, our adjusted margin was 3.34%, modestly higher versus the third quarter.
The cumulative value created from our hedging program is approximately $1.5 billion.
Roughly 90% of that amount has either been recognized or is locked into future earnings from hedge terminations.
Over the first 100 basis points of rate tightening, each 25-basis-point increase in the federal funds rate is projected to add between $60 million and $80 million over a full 12-month period.
Adjusted noninterest income decreased 5% from the prior quarter, primarily due to elevated other noninterest income in the third quarter but did not repeat in the fourth quarter.
Going forward, we expect capital markets to generate quarterly revenue of $90 million to $110 million, excluding the impact of CVA and DVA.
Wealth management income increased 5%, driven by stronger sales and market value impacts, and is expected to grow incrementally in 2022.
NSF and overdraft fees make up approximately 50% of our service charge line item.
But once fully rolled out, together with our previous changes implemented last year, we expect the annual impact to result in 20% to 30% lower service charges revenue versus 2019.
Based on our expectations around the implementation timeline, we estimate $50 million to $70 million will be reflected in 2022 results.
And once fully implemented, we expect the annual contribution from these fees will be approximately 50% lower than 2011 levels.
Since 2011, NSF and overdraft revenue has decreased approximately $175 million and debit interchange legislation reduced card and ATM fees another $180 million.
And as a result, total noninterest income increased approximately $400 million over this same time period.
We expect 2022 adjusted total revenue to be up 3.5% to 4.5% compared to the prior year, driven primarily by growth in net interest income.
Adjusted noninterest expenses increased 5% in the quarter.
Salaries and benefits increased 4%, primarily due to higher incentive compensation.
Base salaries also increased as we added approximately 660 new associates, primarily as a result of acquisitions that closed this quarter.
As a result, our core expense base will grow.
We expect 2022 adjusted noninterest expenses to be up 3% to 4% compared to 2021.
Annualized net charge-offs increased 6 basis points from the third quarter's record low to 20 basis points driven in part by the addition of EnerBank in the fourth quarter.
Full-year net charge-offs totaled 24 basis points, the lowest level on record since 2006.
Nonperforming loans continued to improve during the quarter and are now below pre-pandemic levels at just 51 basis points of total loans.
Our allowance for credit losses remained relatively stable at 1.79% of total loans, while the allowance as a percentage of nonperforming loans increased 66 percentage points to 349%.
We expect credit losses to slowly begin to normalize in the back half of 2022 and currently expect full-year net charge-offs to be in the 25 to 35 basis point range.
With respect to capital, our common equity Tier 1 ratio decreased approximately 130 basis points to an estimated 9.5% this quarter.
During the fourth quarter, we closed on three acquisitions, which combined absorbed approximately $1.3 billion of capital.
Additionally, we repurchased $300 million of common stock during the quarter.
We expect to maintain our common equity Tier 1 ratio near the midpoint of our 9.25% to 9.75% operating range.

Summary:
Looking forward, we expect full-year 2022 reported average loan balances to grow 4% to 5% compared to 2021.
Salaries and benefits increased 4%, primarily due to higher incentive compensation.
As a result, our core expense base will grow.
We expect 2022 adjusted noninterest expenses to be up 3% to 4% compared to 2021.