water share posted tied and I tied define items share, XXXX.This for Good we the million morning, had were in to and both a the were income of in slides our in $X.X the but an adjust press income we to if that quarter earlier an what the few even a to quarter, items everyone. we that basis. quarter insurance sheet a touch first I upon few the compares this non-GAAP were we We as net in transaction. Senate for $X.XX balance expense X pandemic, mentioned, would've resulted in those $XX.X recovery they on have special had the income on of the components, release next will to Santander million
- which have share. for million or of the of million adjusted compares loss million in a income first a which net to $X.X Our net $X.XX loss was $X.X quarter the $X.XX share, been of would quarter, net $XX
the loan levels money for a market, the explained, pandemic income increase those interest large but income in $X.X we rates did declined million net lock are to cash in in significant in down, and average and obviously that rate from lowered loan. an significantly have interest the is anticipated, the Also, already quarter. lower as reduction has though, and not the we translated increase an reduced first interest resulted had As level on million by by net which income PPP we second balances cash this the the in are of originations Interest and securities quarter decline half of were did was scenario loans. interest from originating have the Even and loans investment by in quarter impacted $X.X we the yielding million the in to additional million lower yields. into $X.X in deposits, quarter increase which of itself $XXX related
the of points, balances deposit interest-bearing a liabilities. components, about now, is down which reflecting in for The Trying about down rates On is interest of from $X.X million in points the XX for the the the hand, recent replace overall a grew it in cost quarter. and million. almost break basis XX $XXX was to points of XXX margin of the basis XXX although reduction compared interest-bearing last expense deposits first basis quarter quarter. other average to XX Basically in the declined cost reduction reduction PPP deposits cash change average loans, points quarter, balance Right impact the the another securities. proportion loans of some credit the includes about the the earning the basis repricing XX earning of and amortizations, X commercial about X resulted points points higher did basis X accelerated X premium for we for have assets. to which And investment the basis around the the of with assets mix from prepayments points to of basis basis loans cash our of Downward related cards interest and balances. for of points obviously of reduction impact repricing the
of securities prepayments that sold anticipation had were even we had some and higher we remember, quarter last in you assumed. than As
points basis their on deferral portfolio as quarters decrease had remember, a to In the $XX of approximately gain other was the to the sale we late first compared sales million million component fees the higher million realized on quarter $XX.X proportion The Noninterest of income securities. related X $X.X an quarter $XXX of also these two items. around was had for programs. available for million special some we payment but
This had benefit Maria final quarter claims $X of hurricanes, business interruption insurance million XXXX. settlement had a the related that back we in the from Irma to we and
this of first charges about $X income these $X relates contingent decrease insurance received quarter, Excluding the in the first that still It million the happens and saw declined primarily resulting quarter to of non-interest in related quarter. commission to items, lockdowns. million transactions every transactional seasonal the we in we COVID fee lower the from of reduced on volume service also services but due to business impact all decreases and year, activity income, the deposits the the
On for some $XX.X the are of million the Last had quarter, of expenses legal mentioned. those. efforts I expenses, integration the $XX.X expenses million. transaction. merger-related the $X.X in items expense side, quarter expenses million There decreased Santander $X.X from to they with all about associated include all associated with also the These what XXX,XXX merger-related million special we and
in employee cost, I put protected about COVID our in We branches related had mean includes to provided expenses we $X this quarter material employees. also such And expenses. have the related cleaning when that items or million testing, as COVID
Additional and car both control has put branches been the food on traffic, traffic. security to
$X.X items, remember the against compensation, exclude in about have support we special special them doing there the the compensations recovery provide associated of did If $X.X incurred did our to in we whole the had these communications as first to employees decreased million abreast a the we were of for that customer well employees with we're is insurance we expenses facing what $X.X on customer quarter, that volumes. programs. were different business Some expenses recovery branches that million. Also expenses. keep process to reduction as and - lower Basically about and million
the control as expense we measures that have implemented. far As
So we've basically vacant all stop hiring far positions. a
promotion business of and We modified reduce have strategies some them.
traveling. eliminated have We
plans We and project the reassessed through components. have we've all gone different
--but lot which more terms is it, but the detail in in see of related So of but is explained of it's more are press reductions, resulted some a the in release, you components, of on basically these some they expenses. part can volume there
expenses Santander million cost for volumes a of As --the any expenses be level quarters without expense these of related expenses. in It's estimated COVID normalize, would an but and in expense part would challenging, integration excluding that more cost, the levels bit assuming on little that expenses should be $XX some grow. still We Obviously, $XX forward. going transaction the we which see. to next range that will any
on in credit losses adoption against of obviously the and mentioned allowance of of is ample which was now. loans $XXX which relates CECL December. as unfunded some the loans in credit mention loans, was million represents relates the to X allowance to in X.XX% additional In like the $X our million expectation X.XX% We do allowance well $XX for terms a loans. million, $XXX million And the the possible of of had we very this to $XXX reserves facilities about look $XXX million allowance on - we at of million losses. have. coverage what I'd had is losses that the about addition allowance for which the June since Total we that for commitments loan, us losses is we we as to that December on economy. the as now Aurelio $XXX excluding from the $XX the PPP the quarter And provision $XXX times related allowance have million have we is to in believe lending grown increase resulted of positions of XX, have credit allowance for the loans million for million of
component. Moving the components, some of an on other important to moratoriums
implemented the this stages June. first customers quarter at pandemic programs had support end mentioned of moratoriums we of we the this have during payment discussion, So, initial to during
the have what have normalize. we the of XX% that go for in on That but some different quarter. been it's to the legislation that August moratoriums of all in the decreased of is performing bit $XX July longer on the residential million had borrowers the were reduced extend $XXX reviews of the the As of see of And of to Government would scheduled frame. time XX, borrowers portfolios their March extended the moratoriums lot X in non-performing lower portfolio for of related started million borrowers you the A $XX approximate to keep largest commercial to and components to them industries will moratoriums. to the work A have frame. Overall for continued had And through reductions payments kept borrowers the million migrations chart. Obviously, lower. of their the to XXth higher. mention programs XX% of as started payments. to customers Inflows still down. time and with that $XX of Charge-off some moratorium, tend this to that quarter side. were part have pandemic industry deferral non-performing months to qualified as and in includes July, all June of Clearly, industries. XX, XX. the meet $XXX the other the by we the challenge mortgage non-performing many moratorium that quarter, were million million end residential other have requiring to Rico a which to deferrals It's on as sold is on as making these June currently the be these see that can hospitality last banks facing Borrowers the levels in important Puerto you of than detailed beginning little big to been compared
understanding that the continue spend time customer's to behaviors. We continue to monitor portfolios
So a non-operating. of already mentioned, number open customers as Aurelio
like would to we With good to for continue the very questions. feel open I So track call execute. that, to
