Mortgage banking revenue declined $118 million from the third quarter. As expected, mortgage origination income was down from last quarter reflecting reduced volume from the seasonally low purchase market. The decline in mortgage rates during the quarter resulted in refinancing volume increasing to 40% of originations, up from 30% last quarter. While it is still early, the continued declining rates could benefit origination volumes in the 1st Quarter and we currently expect volumes to be relatively consistent with 4th Quarter levels despite the fact that the 1st Quarter usually reflects a slower purchase market. Our gain on sale margin was consistent with last quarter and is expected to remain within the range we have seen over the past four quarters. Servicing income increased modestly from the 3rd Quarter, reflecting lower unreimbursed direct servicing costs, partially offset by lower net head results. Our total trust and investment fees were up $3.7 billion in the 4th Quarter which was a record high, and increased $151 million from 3rd Quarter driven by higher investment banking activity.
Our expenses continued to reflect our investments in our businesses including risk related initiatives. As shown on page 13, expenses were up $399 million from 3rd Quarter. There were a number of factors driving this increase – personnel expenses increased $272 million, reflecting higher deferred comp expense which is offset in revenue, higher revenue based incentive compensation and higher healthcare costs. A number of expenses are typically higher in the 4th Quarter; equipment expense was up $124 million, primarily due to annual software license renewals; outside professional services increased $116 million, which included higher project related spending on business investments; as well as risk related initiatives. Advertising (average housing) [inaudible] expenses were also elevated, up $42 million from the 3rd Quarter. While these typically higher expenses should be lower next quarter, we will have seasonally higher personnel expenses in the 1st Quarter reflecting incentive compensation and employee benefits expense. Our expenses will also reflect our continued investment in our infrastructure, our risk infrastructure, including hiring new team members and ongoing project spending.
Our efficiency ratio was 58.1% for full-year 2014 and we expect the efficiency ratio for full-year 2015 to remain within our target range of 55% to 59%. Even at the upper end of our target range, we are operating more efficiently than many of our peers.
Turning to our business segments starting on page 14, community banking earned $3.4 billion in the 4th Quarter, up 7% from a year ago and down 1% from the 3rd Quarter. I have already highlighted the strong growth in primary checking customers, we have also been successfully adding retail bank households. Through November, our year to date household growth rate was the highest since 2010. Meeting the financial needs of these new households will help drive across our diversified product line. Our debit and credit card businesses are examples of where we have had success and yet still have opportunities for continued growth. Debit card purchase volume was up 8% from a year ago driven by primary checking customer growth and increased usage from our existing customers. Our credit card penetration rate increased to 42%, up from 37% a year ago. Credit card purchase volume grew 17% from a year ago reflecting account growth and increased usage among our existing customers.
Wholesale banking earned $2 billion in the 4th Quarter, down 7% from a year ago and up 3% from the 3rd Quarter. Loan growth continued to be strong, with average loans up $32.2 billion or 11% from a year ago, with growth across many businesses as I highlighted earlier. Credit quality remained outstanding, with eight consecutive quarters of net recoveries. Deposit growth was also strong, with average core deposits up $33.9 billion or 13% from a year ago.
Results also benefited from strong investment banking fees up 10% from a year ago, driven by higher loan syndication fees, high yield debt origination fees and equity underwriting. Treasury management revenue increased 11% from a year ago benefiting from record product sales in 2014 and re pricing. Wealth brokerage and retirement earned $514 million in the fourth quarter, up 5% from a year ago and down 7% from the 3rd Quarter. Revenue grew 6% from a year ago, with growth in both net interest income and non-interest income.
The growth in fee income was driven by a 12% increase in asset based fees as we continued to execute on our strategic initiative of focusing on plan based relationships resulting in higher recurring revenue. Our brokerage advisory assets grew to $423 billion, up $48 billion or 13% from a year ago, primarily due to positive net flows. Loan growth for WBR remained strong, up 13% from a year ago, the 6th consecutive quarter of double digit year over year growth. This growth was primarily driven by an increase in high quality non-conforming mortgage loans.
