Jack. everyone. Thank And you, morning, good
we post-merger. and on to strong Our performance will from build solid in the is second which continue a foundation quarter was
portfolio year and total to over average the September Turning loans our by loan page portfolio XX.X%. XX.X%. XX, at - Average grew commercial or by grew X.X prior loans billion grew X, XX.X% by portfolio
our deposits the X% balances, a quarter. on of decrease linked $XXX period by ratio from grew was or Our of Based million end total X%. XX%, loans to deposits
and an increase was relative mainly represented for income interest and to over investment asset most Our year. $X.X linked across basis commercial in million acquired net growth quarter the growth income XXX tax our our strong equivalent of million, which on portfolio. loans. of Taxable by interest of accretion XX.X% points, This quarter loan X.X% driven which included the $XXX.X last classes margin equivalent was was net
X Excluding of impact X.XX%, a decrease accretion NIM was the income, the points linked relative to to basis quarter.
of recent review average hikes. rate our and XX.X% our was securities by shift to We yield assets, portfolio, largely XX.X% benefited slides, the compared rate and portfolio driven quarter post-merger. the our anticipation of the of NIM preparing third quarter growth to the As we our the will loans we merger. included in Astoria later which significant purchased XX.X% decrease for in meet securities interest in in securities on The from in composition a Investment our in investment duration as were earning in interest yield earning assets our of in objectives quarter risk represented repositioning linked the XXXX.
increase by was cost of which of to an impacted interest by cost bearing liabilities, NIM borrowings higher deposits driven and asset wholesale also the Our growth. in used was fund
slide, deliver we bottom As and executed grown have strong of on improved and strategy. our consistently returns see you can we to continue have profitability as the the that
which Financial was earnings the adjusted For the of X, GAAP per Center of rebrand let's of and the client in GAAP quarter, network earnings incurred reconciliation diluted million incurred We Astoria results tangible $XX.X diluted the the of Astoria the expenses professional earnings adjusted XX,XXX share return million to share to related compared was with were and adjusted for almost closing. consisted GAAP for quarter. costs on million $X.X sales preparation $X.XX. assets and earnings XX%. X.XX% On and were $X.XX, adjusted tangible $XX.X and adjusted mainly expenses communications connection fees, return review per third of on merger We equity realized securities. on associated merger, of page losses in with
On performance, were record X X, Our net our portfolio at share earnings per we our and and were levels. adjusted slide income quarter strong. third which review the both diluted adjusted for loan
XX of XX% at commercial commercial balance business consisted which a lines, our C&I portfolio real XX% finance of and includes September loan Our loans, estate.
asset in linked growth quarter. you trends class page next and the business yield by see to the can relative On
We loans XX%. are annualized commercial grew lines. business total and by XX% over our our Commercial growing grew by approximately On an focusing basis, on loans average
Pricing has slightly the interest increase in new of adjusted in in discussed on yield short our We loans credit by mix are our Looking On from data on showing on we the saw expect accretion securities basis loans term, our to basis increased increased acquired by market and yield that yield X in loans multifamily CRE an at The financed one originations quarter. loan increase loans. resulted C&I CRE our conference an to excluding portfolio. for purchase X benefited and mainly based also impaired increase and accretion that basis quarter on on in classes loans, in review call income in increased a hikes due of our to the adjusted of loan in impact X, Accretion on traditional points $X of especially we basis X.XX%. in income saw basis, income construction paid yields. rates. income. our loans rate third nice full the excluding business, points that June X accretion page We an the million let's asset have of in that our XX lots changes to On most XXX,XXX increase points. on recent
assets grew to we repositioning proportion earning have XX.X% in billion resulted been previously, to the of two September merger, greater securities was and discussed the $X.X As earning have from Astoria portfolio for portfolio we $X.X last quarters. in than at XX total a our securities billion our has The of it assets. which normal
of the securities XX. proportion with see to XX. billion and June decrease In approximately being months portfolio portfolio. municipal pie you a significant assets average balance earning securities by XX.X% securities shift the investment a the move reached the our to comprise three driven of composition at the portion securities XX.X% in of ended charts for In XX.X% can from by will our now million which increased We September this sales size $XXX.X $X.X compared Astoria's The and of portfolio. of
increased in Our will portfolio points due in our quarter. post-merger, as securities by the period purchases X.XX which mainly to we'll net during be and The line X the and linked reduced points, basis duration was balances years yield has X yield by risk the the portfolio with in securities duration equivalent interest our our approximately securities tax of extended to targets of our composition margin declined timing X.XX and the basis and interest have repositioning historically. quarter. our had from portfolio combined the similar Upon rate characteristics a
end strong million to were at deposits. our and record deposits September inflows X, of core a growth deposit Based increased page municipal growth deposits level. relative profits linked past to the to period XX XXX over by months XX on in in due balances, and commercial quarter, our are at the Turning
to typically at a year, tax As due municipal this September happens peak deposits time seasonal collections. reached every
X deposits in XX second was in XX% ratio mainly to points December increase year beta basis basis deposit points which and of has the in loans wholesale from our at basis non-core look quarter basis a second the points over driven was quarter core core XX to Our The of the basis deposits was income. our the cost cost and represents our brokered as treasury On points XX the September two total page points XX XX, rate. XX basis increased deposits, an we XX.X% third other cost take XXXX. XXXX, increase and change of points, non-interest Since just increased XX% total the This of basis ratio XX, of points, deposits XX. to deposits to by was quarter. a relative X at to was
which credit miscellaneous $X aggregate to swap gain of million these on On increases of participations fees the loan income, loans. third nearly ago. and fees commercial includes other We non-interest over are million fees, letters increased in sale by loan $X.X and continuing a see were quarter in fees, year
income on securities, non-interest total impact of the loss Excluding million. net of $XX was sale
and our total take by increased been to improve the significant continue and center over the expense XX, increase decision grown the while to in and operating XX.X%, Year adjusted in rationalization mortgage financial Moving which at a component strategy non-interest adjusted we business. to leverage trust operating by has exit revenue A third year, to banking look our of page leverage X.X%. have efficiency, quarter.
non-interest right over as adjusted ratio was maintained at efficiency quarter operating and $XX decreased have to XX.X%. adjusted We our essentially control to flat relative expenses, expense linked million the
of guidance banking FTE our on count hires maintained million which continued consistent $XXX on front, OpEx teams to an have has prior achieve basis our and track investments risk prior We on through at commercial new annualized personnel the with to September $XXX remain We including management personnel, periods. to in million make XX.
Turning to quality. XX, strong. quarter asset in let's our Performance review page the was
million, industry turn to the by at We non-performing million losses to to loans segment classified let's Delinquencies linked represents Astoria XX make October XX September XX. during in day million. page The progress loans now $X.X our from we $XX.X stands On increased past and continue loan for given of the assets $X.X million. portfolio. criticized $XX.X XX, the loan closed points total Our transaction by quarter Xnd. attention to at by the while allowance third basis on our medallions, XXX,XXX repayments taxi merger. total of to due in XX Total This exposure to quarter. our XX% coverage On the decreased decreased the non-performing increased increase XXX%.
As these book announcement, better per be At will we latest we will tangible math, value of had exceed to than as purchase estimated. this our merger preliminary, tangible purchase XX%. specifically we value to accounting may accounting that Please figures be impact note it book our on work this Jack the per previously, accretion estimates through XX% and share share mentioned continue closer anticipated processes. the level. are originally Based on actually
fourth the restructuring securities and the positive of see of completed the and will NIM the borrowings and on earnings have impact quarter you in XXXX. Astoria We
their substantial and cost year. ability the confidence is timeframe grown our identified have to them previously base have intact cost realize and The since main the slightly savings reason deposit which has we and the we in remained outlined. why attractive We has beginning of acquired opportunities our markets low within Astoria,
basis third points. the $X in average beginning has billion Astoria of total of points, cost X XX the cost weighted of just total deposits of with increased a of with the significant wholesale deposits our X%. excess As by Astoria's and year, the representing of quarter, a has had of XX%. Since year On we since In beta basis profile will betas a liquidity. combined greater combined deposits, have funding utilization a lower contrast, our stronger a been given beginning beta to closer basis, the
Astoria a significant commercial ability confident banking deposits. begun we our are grow lines. the We other Astoria loan in have finally, the to by making of And transition platform use investment and the teams in our business portfolio to
and relationship Over of the past across hired two have officers XX business lines. business quarters all managers our commercial we bankers, development
operating As the what $XXX to result above next the merger over two will anticipate hitting Astoria XXXX, we million do ramp And regardless happens a loan teams incremental higher production. can growth deposit of above the earnings will in years. outlined rates. we The in approximately begin interest in and earnings We actions pretax leverage, stride and the up see expect drive their in factors significant to significant profitability. and this
restructuring year but impact the Total $X.X to In we we we borrowings. point portfolio borrowings, balances to close, purchase the billion, repositioning combined two and at post-merger continuing the Moving be. first post pie closer currently our by and securities to and this are present what are weeks does main billion the that the adjustments. of page on be of not accounting related actions The securities starting note portfolio Please will view Astoria impact the restructuring below build reflect components securities information balance XX, of sheet. our provide securities to balance it out and $X sheet reflects end. completed final of will the charts but a
continued slide, combined which combined use company XXXX. The key a excess liquidity, last the heading will have sheet had Jack? Turning below table capital and basis. earnings. balance we our drivers will the significant support of to we earnings momentum into in highlights substantial to components on The and growth of
