appreciate in third your our welcome quarter you Eagle this morning interest the and earnings for I'd Bancorp. your Charles. Thank in like to to of calling you, of XXXX. We continued call all
of were announce be Bancorp economy uncertain our an XX.X% trying and over Chief XX.X% XX.XX%. to the say Despite we on later I with average year. Officer, I'm the company average interest available represents on X.XX%. And during successful was operating over and of equity common common of States. a banks very equity As in was the will the levels, challenging I the and very second us created level quarterly this million. and United that The quarter achieved. our proud income has soft revenue rate average profitability among this for is this the had tangible the usual, net of was highest the quarter At very earnings time, pandemic the in a by quarter. also for call The to and XXXX am community pleased the return third level return these increase third Eagle morning. $XX.X quarterly highest that That the quarter questions. on reached our very Jan, Charles period, third XX.XX%, ever increase for environment, for our Jan and the is assets Williams, Credit return
earnings action earnings and XX.X% the same publicly the disclosed per in expenses is third XX.X% increase with and non-interest an litigation. increase income, the XXXX. second The share compared XXXX legal diluted was in the lower primarily a with improved our driven quarter associated were quarter $X.XX year which period the as of to and fully provision combined levels the quarter, by investigations reduced class per of third increase a over share, For quarter in second last a profitability over of
the division, million by non-interest As for residential quarter. we performance the the generation loans during on $XX of produced of the in income, gains which extremely mortgage sale were the pleased of
the note sale and that at continued of September to the all across the are successful sheet growth assets sale performance $XX.X the consistent loans. from SBA balance in for strive we gains loans measurement OREO FHA from with billion achieved We had XX. of period pleased of In the property and financial guaranteed addition, we sale and from also securitization during reaching indicators
the in in credit addition very income and strong decline further strong portfolio third than these operating to margin efficiency. in areas, net The quarter, in growth, deposit statistics in a the performance the of non-interest favorable For maintained we solid offset impact interest achieved increase loan more slight the balances, both in Not for compression I residential the rate environment the the money about in portfolio. historically detail purchase surprisingly, boon a like and low to more division non-interest been for third the results had activity. loan construction has also mortgage the in we loan speak quarter. refinance to notably interest would income real and
by gains a locked is division during locked year quarter, loan gains This in very recognizing in as million We change quarter quarter were compared $XXX in quarter strong upon But million the million compared third million were the the accounting $X.X a quarter impact, that as of quarter had the Loan on closed. million ago methodology the loans on revenue residential third XXXX. being loan $XX our XXXX. the quarter. the when did sales with recognizing mortgage the second $X.X excluding mortgage third of versus align to million. GAAP by $XXX in increased even locks on For $X basis the revenue best the to for efforts residential and to a
from the sale and are of disciplined $X.X also we gains reflective situations. of OREO these managing we take to the recognized able fact quarter, realize million proactive approach workout During gains the assets. that we to were of The
ago statistics, or and the many spoken and but tend be their long coverage earlier XXX% Additionally, ratio losses we total estate mortgage compared quarter during easily second by the one September and of of charge-offs for compared value year to cyclical. Like the quarter residential sales We've sale their have credit and two they were loans, about FHA times quarter in allowance them are basis June level year X in third premiums of charge-offs Net how offset were a these a end, assets not X.XX% on XXXX. total the congratulate to to quarter ago. of Also our job feel as business like quarter like XX, run, the X.XX% good like September fee SBA on had total division X.XX% adopted quarter, XXX% also loans would loan economy. our for with on XX, those I that from year due believe relationships. on in had to predictable credit SBA efforts thank PPP and assets amount manageable CECL were of production the disciplined as impact this the At by activities X.XX% the were average at loans all year. points XXXX. we loans we and the recognize At for the number. in in And at commercial in the and the employees as over slowdown adequately income lines September loans, At third a practices a methodology credit and $XXX,XXX XX, to was I X.XX% of loans. earlier FHA division levels nonperforming X.XX% X.XX% accordance of The certainly our the to that quality was which to the X.XX% this to saw the would allowance at XX, well our that servicing reasonable primarily XXXX, $XXX,XXX underwriting continue franchise. despite real by to the We done. compared in emphasis portfolio. was the add nonperforming determined of reserved. securitization, administration conservative The groups, groups
provision quarter higher rate as Services mix of second and million account industry of million compares The of as our XXXX improved the additional $X.X an analysis in The the reserves Accommodation $X.X second assumption XXXX $XX.X quarter & qualitative a third for of third loans. provision third in well in took a was and into deferrals quarter XXXX. unemployment the million Food to quarter
for our was unfunded reserve commitments $X.X reduced Additionally, by CECL million.
loans some balance COVID-XX $XXX of PPP of XX, million. to As specifics to the of the as pandemic the related was September
We more that loans loans under our attrition application the expect take from forgiveness from couple SBA of for streamlined will now are department process and our the the these activity portfolio starting $XX,XXX, of least. quarters, but clients a all treasury to of see has that the at
remediate you we these these monitor will and that I June, am pleased Regarding recall totaling deferred about in of continue report of -- modified, is or loans XX.X% XX% special will of with down million, continue force customers. At loans had pool is XXX to that work of September which which will task total loans we loans, that about in that to with which loans, total clients which to formed as to our a XXX work were we $X.X billion, notes, category. $XXX XX, loans. to point,
the and on our staff impact COVID-XX and We the also of continue to health safety monitor customers. of
have together which of industry portfolio, most comprised We loan in XX.X% spotlight retail notably industries, portfolio, our our on & the loan exposure the Services a Food Accommodation and the portfolio. at-risk
cautiously still the about economy are metropolitan the D.C. Washington, optimistic we However, area. of
are began growth in June. While economy that, lost the there regional and Washington the shrink certainly since still has the gross in to billion region area United that the product recovered level, and spring then, economy of States. is COVID are that $XXX pandemic, XXXX. in The jobs in about would this has from per And of regional another on be track approximately will most realistic add excess X.X% the in in the the job XX,XXX Xth At the the regional year. been estimates rebound an impact the annum jobs XXX,XXX largest metropolitan we
watching some office the the vacancy for softening. throughout region, which We are space shows rates carefully
for strong single-family housing However, fairly multifamily remains the and both sectors.
the been been of over no fact, shortage homes. contract our related COVID doubt government federal has And billion. there have that is economy. of in family $X.X June a Through single In awards stabilizing matters federal XXXX, region inventory in spending a is for for there factor just
on the currently new yield loan several not of rate year The the XX The industry, the this we for quarter, of was reprice quarter the down we rates Given compression across third yield XX margin points from Federal margin X.XX%. on XX margin net of on during a to pressure basis reducing to by year environment, interest in books. margin surprising and ago. in is that the the to reacted decreased the as decreased second a by low interest the competitive the the loans the decrease and points points average trend decrease Reserve portfolio quarter from saw to fostered and the basis our third basis it down attributable period, bookings was market factors. X.XX% The to
floors cost Long interest-bearing the We points. are impact a and the by lower percentage did the the portion further were cost able portfolio of loan higher-yielding portfolio. of construction basis feeling against both of deposits provide the the quarter, to We loans aggregate which buffer the decreases the fell on during of of seven funds in also yields. in reduce loan
the interest-earning during the sheet points. However, yield factor level points declined the XX whose period, only basis total yield a liquidity, significant basis assets on-balance on XX of being was increased
the through curve to environment, yield flat of low carried XXXX, by impacted quarter third liquidity addition very In level market was the lending and level we liability asset quarter. relatively rates, our the mix in significantly and the margin competitive of the of interest
For overnight liquidity above $X.X ratio average while loan-to-deposit the average the was billion. quarter, was XX%, third
over third an by sheet our the and strategy, management. ratio expense to second the While asset effects of maintain did efficiency in prudent the this to in for the portfolio The we third we compared our approach the securities pandemic. XX.XX% monitor This average quarter third continued adhere of conservative year. quarter million XXXX to quarter, as as the to of on-balance of as was we we COVID-XX management quarter liability our we liquidity, is $XX continue XX.XX% XX.XX% increase
from hampered While ago, interest is the by changed the growth to been need of year low ratio level revenue we little has efficiency a rate. that remember
X.XX% and was of in Of For accounting quarter, million million matters and a of benefit note, The last the fees year. to quarter were compared as of legal legal quarter, lower the net of average percentage the compared the third expenses ratio legal quarter quarter quarter $X.X X.XX% as expenses the enjoyed the the of to disclosed third investigations we professional quarter assets XXXX. legal fees, non-interest during second for $X.X with $XXX,XXX. million the the and in associated third as were for XXXX of the in $X.X as previously
value we in expenses took $X.X charge for year to increased over our ago balance elevated as other sheet. a FDIC to On the the due insurance properly a our hand, lease the extension quarter growth $X.X occupancy a our million by million was expense and
At the September ratios capital was and equity XX.XX% program. compared $XX the recognize have in one manage XX.XX% year earnings. make strong, regulatory XX.XX% through asset total as our to additions company. meet Given The and investments was also billion, prudent size These to our compared of build XX.XX% repurchase capital to continue our but compared ago, retained quarterly we judiciously continue company's XXXX. very the continued all infrastructure the to will support to exceeding to share the one risk-based expenses, ratio ratio the XX, we will year common expectations the common ago, to equity growth was as XX.XX% the necessary tangible impact to it position XX.XX% remains September of
was the put our for spring share Board sheet which the pleased the cash capital factors The That and remarks. time. behind inception the at in program, maintaining quarter. again to my you, another the we one your at did with decision you Eagle our dividend position. the capital Bancorp. is very concludes suspension support the strong and take place comfortable back a And continued We is morning Thank strong of joining declare questions the recent be this third $X.XX would for committed Board for any initially as balance formal position this share call know, of per the of of to lift repurchase Our in to in pandemic.
